E-money: opportunities for quick payments and risks of their use for illegal purposes
E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about figh...
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| Autores principales: | , |
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| Formato: | article |
| Lenguaje: | RU |
| Publicado: |
Plekhanov Russian University of Economics
2018
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| Materias: | |
| Acceso en línea: | https://doaj.org/article/baf92bbcfedf44bea1b3ab77fb0998ca |
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| Sumario: | E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about fighting criminal incomes’ legalization in respect to e-money issuers. These countries also underline that special risk for criminal incomes’ legalization can be caused by anonymous money and pre-paid cards. Therefore, many countries fix in their national laws measures that ensure realization of risk-oriented approach directed at minimizing risks of money laundering and terrorism financing. For example, the EU develops amendments to the directive aiming at elimination of risks dealing with use of e-money and pre-paid cards for legalizing criminal incomes. The authors propose measures aimed at improvement of legislation about fighting money laundering and terrorism financing to minimize respective risks in using e-money. At the same time the necessity to develop conditions for extending possibilities of remote identification was pointed out, as it was envisaged by the program ‘Digital Economics of the Russian Federation’. |
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