Financing terrorism through cryptocurrencies – a danger for Europe?

Fabian Maximilian Johannes Teichmann

Journal of Money Laundering Control, 2018, vol. 21, issue 4, 513-519

Abstract: Purpose - This purpose of this paper is to illustrate how terrorists finance their activities through cryptocurrencies. Design/methodology/approach - A qualitative content analysis of 30 semi-standardized expert interviews with both illegal financial service providers and prevention experts developed understanding of the concrete techniques of financing terrorism through cryptocurrencies. Findings - Terrorists could use Bitcoin to receive donations from their supporters. Research limitations/implications - As the findings are based on semi-standardized interviews, they are limited to the perspectives of the 30 interviewees. Practical implications - The identification of gaps in current prevention mechanisms is intended to provide legislators and intelligence agencies with insights into the operations of terrorism financers. Originality/value - While the existing literature focuses simply on identifying areas that could play a role in financing terrorism, this paper describes concrete methods, taking both prevention and criminal perspectives into account.

Keywords: Bitcoin; Terrorism; Cryptocurrencies (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-06-2017-0024

DOI: 10.1108/JMLC-06-2017-0024

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