How are Cryptocurrency Financial Crimes in Money Laundering and Tax Evasion Detected and Minimized in the Select Countries
Lim, Mishaw (2022)
2022
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2022061618147
https://urn.fi/URN:NBN:fi:amk-2022061618147
Tiivistelmä
This research-based thesis aimed to investigate the impact of cryptocurrency financial crimes on money laundering and tax evasion. The objective of this thesis was to reveal and analyze how the government agencies and financial institutions in selected countries recognized, detected, and minimized cryptocurrency financial crimes. How were their cooperation platforms worked nationally and internationally in combating cryptocurrency financial crime activities.
The study consists of theoretical and empirical parts. The theoretical part introduced the main concepts, key characteristics, and functionalities of blockchain technology and cryptocurrency. The theoretical part also focused on the risks and challenges of cryptocurrency financial crime posed by tax evasion and money laundering. How financial crime indicators used for detective measures on cryptocurrency currently have towards criminal activities. The empirical part of the study was conducted in the form of semi- structured interviews. The interviews were with the Senior Specialist from the Finnish Tax Administration, a Market and Liquidity Risk Assistant Manager of Mizuho Bank Malaysia, and Administrators of Latvian FIU and the Ministry of Finance of the Republic of Poland. The interviews were conducted to obtain detailed information on the impacts of cryptocurrency-related financial crime on money laundering and tax evasion.
The results of the research are analyzed, discussed, and compared. Based on the results showed that government agencies and financial institutions faced a critical situation in cryptocurrency-related financial crime activities, especially in money laundering and tax evasion. The results of this research also showed that cooperation between government agencies, financial institutions, and law enforcement authorities was important to detect and minimize cryptocurrency financial crimes.
The results of this study revealed the red flags of cryptocurrency-related financial crime in money laundering and tax evasion activities to government agencies, financial institutions, and law enforcement authorities. The results will help in further understanding the methods that the criminals used on cryptocurrency to convict financial crimes. The results will also help the author and the audience broaden their knowledge of cryptocurrency. The research question and the investigation questions were answered. The recommendations were given to government agencies, financial institutions, and law enforcement authorities.
The study consists of theoretical and empirical parts. The theoretical part introduced the main concepts, key characteristics, and functionalities of blockchain technology and cryptocurrency. The theoretical part also focused on the risks and challenges of cryptocurrency financial crime posed by tax evasion and money laundering. How financial crime indicators used for detective measures on cryptocurrency currently have towards criminal activities. The empirical part of the study was conducted in the form of semi- structured interviews. The interviews were with the Senior Specialist from the Finnish Tax Administration, a Market and Liquidity Risk Assistant Manager of Mizuho Bank Malaysia, and Administrators of Latvian FIU and the Ministry of Finance of the Republic of Poland. The interviews were conducted to obtain detailed information on the impacts of cryptocurrency-related financial crime on money laundering and tax evasion.
The results of the research are analyzed, discussed, and compared. Based on the results showed that government agencies and financial institutions faced a critical situation in cryptocurrency-related financial crime activities, especially in money laundering and tax evasion. The results of this research also showed that cooperation between government agencies, financial institutions, and law enforcement authorities was important to detect and minimize cryptocurrency financial crimes.
The results of this study revealed the red flags of cryptocurrency-related financial crime in money laundering and tax evasion activities to government agencies, financial institutions, and law enforcement authorities. The results will help in further understanding the methods that the criminals used on cryptocurrency to convict financial crimes. The results will also help the author and the audience broaden their knowledge of cryptocurrency. The research question and the investigation questions were answered. The recommendations were given to government agencies, financial institutions, and law enforcement authorities.