Wednesday, July 2, 2014


                                          VIRTUAL CURRENCY-BITCOINS.

              The Financial Action Task Force (FATF),an independent intergovernmental
              Organisation has published a paper looking into the money laundering and
              terrorism financing risks involved with digital currencies.

              Coincidentally, the paper was published just days after the OECD published
              a white paper ' a working paper on bitcoin'.

              The paper points out that ' virtual currency has the potential to improve 
              payment efficiency and reduce transaction costs for payments and fund
             transfers.Bitcoin may potentially provide benefit to existing online 
             payment systems like paypal".

             On the RISK side,FATF concludes digital currencies are "potentially
             vulnerable to money laundering and terrorist finance abuse".

            Source; Global Financial Integrity.

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