Malaysia will place the users of Bitcoin below the laws anti-money laundering

In order to prevent abuse of the system for criminal activities and illegal and to ensure the stability and integrity of the financial system, the governor of the Bank Negara Malaysia, Tan Sri Muhammad Ibrahim, recently stated that transactions involving crypto-currencies will be placed under the jurisdiction of the laws anti-money laundering existing.

Journal of the Corner

The crypto-currencies will be under the jurisdiction of the anti-money laundering law

Currently, the central bank of malaysia is in the process of developing the regulatory framework for crypto-currencies. And from 2018, the people who will convert existing crypto-currencies into fiat currencies should comply with anti-money laundering law. The governor of the central bank explained, in particular, the point of view of the bank at the third summit on counter-terrorism. It is a four-day conference organized by the bank, in partnership with the australian agency for financial intelligence, AUSTRAC, and the institution of the indonesian PPATK. It is important to note that this gathering brings together more than 350 specialists and professionals from 35 countries and international organizations to share their ideas on the latest issues and developments of the financing of terrorism.

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Reorganize the financial sector in malaysia

During his speech, the governor of the central bank said : “It is important to reorganize the financial sector in the middle of the evolution of the war against the financing of terrorism. “And added :” The regulators need to prepare before the crypto-currencies become the new standard. “And we need to harness the vast potential of technological innovations to reinvent and strengthen our lines of defence “, he warned. According to Mr. Ibrahim, Malaysia is in need of new tools to combat terrorism and the adoption of artificial intelligence, machine learning and technology blockchain are tools that would probably be necessary, because the suspect transactions are becoming more complex and more difficult to detect.

In this context, the power of Bitcoin lies in its ability to be essentially without borders, enabling those who wish to send money anonymously. This situation favours the financing of terrorist activities. This is why the central bank wants to incorporate more international information shared on suspicious transactions.

Source : News.Bitcoin