COINS, CROSS-BORDER PAYMENTS, AND ANTI-MONEY LAUNDERING LAW

【Author】 Skinner, Christina Parajon

【Source】HARVARD JOURNAL ON LEGISLATION

【影响因子】

【Abstract】Financial innovation in the cryptocurrency space has prompted central bankers and financial policymakers around the world to question the future of money and payments. For many scholars and policymakers, the rise of cryptocurrencies implies significant improvements to the efficiency of making cross -border payments-and thus portends a gradual sunset on the legacy payments system. But for decades, that legacy payments system has partnered with the State to accomplish valuable foreign policy and national security goals: to combat money laundering, deter state aggression, and defend human rights and democratic institutions. This Article examines the potential for cryptocurrency payments ecosystems to bypass the legal frameworks that today require banks to act as gatekeepers of illicit finance and enforcers of sanctions regimes. Ultimately, in light of the trade-offs implied by moving from a bank -centric to a multi -railed crypto system, this Article argues for infrastructure -building within the existing system. In particular, it proposes the introduction of a centralized verifying party, which would conduct customer due diligence on an industry -wide basis. Given the current costs and complication of banks' current legal requirements to undertake individualized due diligence, the structural reform proposed here stands to make the legacy payment system more efficient-and hence more attractive relative to crypto competitors-for making cross -border payments.

【Keywords】

【发表时间】2023

【收录时间】2024-08-16

【文献类型】观点阐述

【主题类别】

区块链治理-法律治理-数字货币监管