Considerations on Combating Money Laundry in the Field of Crypto-Assets, at European Union Level
Considerations on Combating Money Laundry in the Field of Crypto-Assets, at European Union Level

Author(s): Carmina-Elena Tolbaru
Subject(s): Criminal Law, EU-Legislation, Corruption - Transparency - Anti-Corruption
Published by: Scientia Moralitas Research Institute
Keywords: money laundry; offenders; organised crime; crypto-assets; European rules;
Summary/Abstract: Money laundry is a boosting phenomenon worldwide, affecting multiple domains of social life, and we need sustainable efforts to hinder the actions committed by offenders to hide the profits obtained from their offences. The complexity and magnitude of this phenomenon taking place at present is explained within the context of growth of technology, which opens new horizons concerning offence-related opportunities. Thus, offences such as tax evasion, financing terrorist organisations, drug trafficking, corruption, frauds, as well as any other illegal financial activities, are committed regarding the offence of money laundry, witnessing a form of organised cross-border criminality. Starting in 2021, the rate of illegal use of crypto currencies for the purpose of money laundry has registered a significant growth, which made the European Union establish a new regulation framework in the field of combating money laundry, extending the field of application of rules to crypto-assets transfers. This paper analyzes the growing global phenomenon of the use of crypto-assets for criminal purposes, examines the regulatory framework in the European Union, and provides practical recommendations that can help prevent and combat money laundering.

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