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Author Topic: El Salvador's Bitcoin law: Banks face risk of money laundering.  (Read 1889 times)

Offline bmw1

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El Salvador's law-making bitcoin legal tender means banks face higher risks, including of violating rules against money laundering and terrorism financing, rating agency Fitch said in a report on Friday, Reuters reported.
The bitcoin move, set to take effect on Sept. 7, "would increase financial institutions' regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards," said Fitch. The possibility of using bitcoin for all obligations, including bank loans, could funnel bitcoin traffic through the Central American country, which "may increase the risks that proceeds from illicit activities pass through the Salvadoran financial system," Fitch said.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #1 on: June 28, 2021, 02:28:40 PM »
That is probably accurate and as such deeply concerning.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #2 on: June 28, 2021, 02:50:48 PM »
Currently most of the money laundering and terrorist financing in the world takes place through fiat currency... fiat cash is less traceable than crypto. I don't think this will be as big of an issue as it's made out to be.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #3 on: June 28, 2021, 04:20:14 PM »


Fitch is making money by issuing warnings of possible impending doom and this time around I think they can be deadly wrong. Increased money laundering activities using Bitcoin? They should know that this is not any more true when criminals realized that actually all the transactions are traceable and Bitcoin is not really a privacy coin though it can be anonymous. I think the USA government even succeeded in getting convictions against criminals with the use of blockchain-recorded details of the transactions...they are there for all of us to see, analyze and explore.


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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #4 on: July 05, 2021, 09:52:57 AM »
El Salvador's law-making bitcoin legal tender means banks face higher risks, including of violating rules against money laundering and terrorism financing, rating agency Fitch said in a report on Friday, Reuters reported.
The bitcoin move, set to take effect on Sept. 7, "would increase financial institutions' regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards," said Fitch. The possibility of using bitcoin for all obligations, including bank loans, could funnel bitcoin traffic through the Central American country, which "may increase the risks that proceeds from illicit activities pass through the Salvadoran financial system," Fitch said.
Such a statement by the rating agency Fitch has nothing to do with reality. The relevant authorities of the United States and the European Union have already repeatedly checked and analyzed the use of bitcoin by criminals in their illegal activities and have unequivocally concluded that bitcoin was used for illegal purposes only in a few percent of cases. Bitcoin is not suitable for this, since it is only relatively anonymous. Regular money is used for this much more often. The percentage of use for criminal purposes is slightly higher only for cryptocurrencies with a high level of anonymity, such as Monero, ZCash, Dash.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #5 on: July 05, 2021, 12:15:34 PM »
A long-standing concern and it cannot be legally proven, transactions using Bitcoin are very transparent and users can use Bitcoin for anything they want, if one day the bank account and Bitcoin wallet are integrated into one Debit card, then nothing will happen. nothing to worry about because all transactions can be tracked.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #6 on: July 05, 2021, 01:34:28 PM »
This is possible. That is why the need to strengthen their regulations is a must. Although Bitcoin transactions can be traced, it depends on the country's capability to strictly enforce its laws and implementations. If the government is weak, then the risk is very high against the bad guys.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #6 on: July 05, 2021, 01:34:28 PM »


Offline mlawson71

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #7 on: July 05, 2021, 03:33:50 PM »
I agree. Does El Salvador have any regulations in that regard? Are they working on any either? Because I haven't heard anything.

Offline Phython

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #8 on: July 13, 2021, 07:51:55 AM »
El Salvador's Bitcoin Act: Banks face the risk of money laundering. I have no idea about this. Because I'm a new member of this forum, I can't comment on this. If any senior brother knows about this, please help me.

Offline Anonylz

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #9 on: July 13, 2021, 08:14:26 AM »
El Salvador's law-making bitcoin legal tender means banks face higher risks, including of violating rules against money laundering and terrorism financing, rating agency Fitch said in a report on Friday, Reuters reported.
The bitcoin move, set to take effect on Sept. 7, "would increase financial institutions' regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards," said Fitch. The possibility of using bitcoin for all obligations, including bank loans, could funnel bitcoin traffic through the Central American country, which "may increase the risks that proceeds from illicit activities pass through the Salvadoran financial system," Fitch said.
This could happen as Bitcoin has already been seen as a means of money laundering even before now and even more so now that Country like El Salvador is making Bitcoin a Legal tender, most Bitcoin heaters like most Government will see this as that opportunity that most of the criminals have been waiting for and considering how the Bitcoin network is, it becomes almost impossible to track these transactions but if they really want to, I believe they could make every Bitcoin wallet do a KYC but I don't know how this will work.
Anyways, there are valid points to what Fitch said and this might just be one of these setbacks that Bitcoin will continue to face and address.


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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #10 on: July 15, 2021, 01:08:32 PM »
El Salvador's Bitcoin Act: Banks face the risk of money laundering. Bitcoin is illegal in our guise because the legitimacy of Bitcoin depends on the government and the bank of a country. When Bitcoin is legalized, it has all the effects on the bank. Bitcoin is used to smuggle money from one's own country through bitcoin.

Offline CryptoStar19

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #11 on: July 15, 2021, 08:04:43 PM »
Nearly all money laundering happens via fiat currencies... laundering through crypto is a tiny fraction of the total activity world-wide... does this reflect badly on fiat currencies? not really... it might look this way because crypto is so much smaller than it could be in another 10 or 20 years...

These fears around laundering and crypto is analogous to comments about the internet in the mid 1990s, saying that the internet is for criminals and porn only... and now despite criminal activity and porn ever existing on the internet, no one thinks the internet is bad because those things exist.

We will see the same thing happen with crypto, no one is going to be worried about this these in time and this space is going to become as accepted of a part of life as the internet is to our society today.

Offline mlawson71

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #12 on: July 16, 2021, 04:17:25 PM »
I think the better question here is what portion of what portion of the overall use Bitcoin involves money laundering and other criminal activity compared to the non-criminal activity and what is the same proportion involving fiat currencies.

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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #13 on: July 16, 2021, 04:30:45 PM »
Banks, once again, divert attention elsewhere, but do not want to look at themselves.

"Among the big banks mentioned, which have known and allowed several people to transact with illicit resources, is JPMorgan with around $514 billion and Deustsche Bank with $1.3 billion. In addition to the above, HSBC, Standard Chartered Bank and Bank of New York Mellon are mentioned".

Source: https://twitter.com/ICIJorg/status/1307726268943790083

That is part of a report produced last year. Banks, instead of talking about Bitcoin, should shut up.
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Re: El Salvador's Bitcoin law: Banks face risk of money laundering.
« Reply #14 on: July 17, 2021, 10:48:39 PM »
Electric vehicle manufacturer Tesla has joined the ranks of companies holding Bitcoin, with an SEC filing revealing that the company invested "an aggregate $1.50 billion" in the cryptocurrency. according to CEO Elon Musk, this was "to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.

 

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