Cryptos Pose Money Laundering Risk, Warn Swiss Authorities

Europe Switzerland

In its latest report, the Swiss Financial Market Supervisory Authority (FINMA) warns about money laundering risks posed by cryptocurrencies.

The report points to cryptos anonymity and international capabilities as the main factors increasing the risks of money laundering and other illegal activities, such as terrorist financing, associated with virtual currencies.

This stands in stark contrast to the Swiss authorities’ earlier approach to cryptocurrencies – just one year ago a Swiss Federal Council report called cryptos “fairly insignificant”.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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