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Terrorist Financing, War Crimes, and Crypto Geopolitics

In: A Comprehensive Guide for Web3 Security

Author

Listed:
  • Winston Ma

    (NYU School of Law)

Abstract

The ongoing Russia–Ukraine war highlights the rising participation of sovereign nations in the cross-border crypto ecosystem, as well as the profound implications for private players—ranging from sanctions concerns to complicity with potential war crimes. The international crypto markets must develop best practices for crypto-based fundraising, sanctions compliance, and anti-financial-crime controls in the wake of a rapidly changing crypto regulatory landscape. To that end, crypto assets are not “non-traceable.” In fact, the primary vulnerability that illicit actors exploit stems from non-compliance by DeFi services with AML/CFT and sanctions obligations. The international community has developed a comprehensive, multinational response with enforcement power, the Financial Action Task Force (FATF). The latest enforcement actions taken by FTFA member states would accelerate the travel rule adoption and enforcement, and the new blockchain analysis technologies are providing powerful “crypto intelligence” tools for all stakeholders.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-3-031-39288-7_12
DOI: 10.1007/978-3-031-39288-7_12
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