The Classification of Virtual Currencies and Mobile Payments in Terms of the Old and New European Anti-Money Laundering Frameworks

Carolin Kaiser

Chapter 9 in Bitcoin and Mobile Payments, 2016, pp 203-230 from Palgrave Macmillan

Abstract: Abstract Both virtual currencies and mobile payments are rapidly growing, novel developments in the global payments industry. These developments create challenges for regulators when it comes to fitting the new technology into the old legal framework. In some cases, the legal framework has to be amended to cover new technological developments. In this chapter, the European anti-money laundering framework in its older shape (Directive 2005/60/EC) and in its newest incarnation (Directive (EU) 2015/849) is examined. The shortcomings of the directives are to be exposed and possible ways around these shortcomings are explained.

Keywords: Money Laundering; Legal Person; Legal Certainty; Mobile Payment; European Banking Authority (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psincp:978-1-137-57512-8_9

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DOI: 10.1057/978-1-137-57512-8_9

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