WHEN THE DIGITAL CURRENCY SUCH AS BITCOIN IS THERE IS A USABILITY TO TERRORISM FUNDS, AUSTRAC FINANCIAL INTELLIGENCE AGENCIES OF AUSTRALIA REQUESTING THEM AND THE PROVISIONS TO THE ANTI-MONEY LAUNDERING AND TERRORIST FINANCING PREVENTION METHOD IS REPORTED.
Reported that terrorism funding in Australia 2014 issued by AUSTRAC is, terrorism funding prevention methods have begun to focus on the electronic and online payment method, which he said would rise over time.
Novell reported is,
SHARPENING, TERRORIST GROUPS USING ONLINE HIRING AND COMMUNICATION (SUCH AS SOCIAL MEDIA), THERE IS A PARTICULARLY HIGH RISK TO THE USE OF ONLINE PAYMENT SYSTEM AND DIGITAL CURRENCY.
According to the Sydney Morning Herald, AUSTRAC was co-organized a counter-terrorism financial summit with Indonesia in Bali this week. In the summit, Michael Keenan's justice minister is in the tackle to the provisions of the digital currency, at the time to improve the anti-money laundering and terrorist financing prevention method, a plan to provide information to companies that participate in Australia's efforts It earns.
MISUSE OF BITCOIN
Since bit coin have been developed, not an easy development.
In 2014, defunct Tokyo base of Mount Gokkusu (Mt.Gox) is to stop the deal from losing 850,000 bits coins, and in 2013, users of the fraudulent article anonymously in digital currency such as Bitcoin silk Road of the online black market to sell to (silk Road) was closed.
Moreover, after the recent hacking incidents of last week bit coin market a bit Fi Nex, which was fall 20% (Bitfinex), of Bitcoin security has been questioned.
By past hurt the bit coin, anti-money laundering and terrorist financing prevention method is the introduction of digital currency has recommended that it should be defined.
To this is described,
AMONG THE LEGITIMATE USE OF DIGITAL CURRENCY IS CONFIRMED, DIGITAL CURRENCY THAT CAN BE CONVERTED IS CAPABLE OF REMITTANCE WITHOUT PASSING THROUGH THE TRADITIONAL FINANCIAL SECTOR. THIS IS TO THE CRIMINALS, GIVE AND THAT THE FUND MANAGER TO THE TERRORISTS TO MOVE AND STORE WITHOUT PRUDENT TO LAW ENFORCEMENT OR OTHER AUTHORITY THE ILLICIT FUNDS, THE OTHER ONE OF THE MEANS TO PURCHASE ILLEGAL GOODS AND SERVICES.
Bitcoin market has been greatly improved since the hacking incident of bit Fi Nex, now in the weekend has risen to around $ 600 value, the future of Bitcoin in a gradual recovery is uncertain to continue.