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El comité Moneyval del Consejo de Europa advirtió sobre fraude, evasión fiscal y manipulación del mercado a través de activos virtuales.
Moneyval, el Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Terrorist Financing of the Council of Europe urged European states to clamp down on cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. money laundering in its 2021 annual report, published today.
Moneyval is the body that oversees compliance with anti-money laundering rules on the European continent. He warned about the challenges posed by decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance, privacy currencies and what, in his words, was the market an area or arena, online or offline, in which commercial dealings are conducted. manipulation of major cryptoassets.
“It is well known that money launderers have been abusing cryptocurrencies since their inception a decade ago.” Moneyval President Elżbieta Frankow-Jaśkiewicz said in the foreword to the report. “The methods are becoming more sophisticated and larger in scale.” extending from drug trafficking to areas such as fraud, corruption and tax evasion.
The expert committee joined the issuers of standards such as the Financial Action Task Force (FATF) to call for a tougher approach to virtual assets. Jurisdictions in the European Union are already implementing the controversial FATF rules to identify cryptocurrency users and allow funds to be tracked, which some in the industry have warned could harm privacy and innovation, notes Coindesk.
The rapidly evolving technology, which often spans multiple jurisdictions, poses a challenge for regulators, according to the report, which calls for better regulation and oversight and improved coordination among national agencies.
In his report, Moneyval concludes that its member states and jurisdictions continue, on average, to demonstrate a moderate level of effectiveness in combating money laundering and terrorist financing. The average level of compliance with FATF standards is below the satisfactory threshold in financial sector supervision, private sector compliance, transparency of legal persons, convictions for money laundering offences, asset forfeitures, financial sanctions for terrorism and proliferation of weapons of mass destruction.
Upcoming Washing Study
A study later this year will examine cryptocurrency laundering trends, the report added.
“There is a suspicion that some of the smaller cryptocurrencies are being set up specifically with the motive of laundering.” Dijo Frankow-Jaśkiewicz. Además, “ the largest virtual assets are experiencing strong market manipulation, which is a major predicate offence for money laundering “ .
It is worth noting that Moneyval s upervises 34 jurisdictions in Europe, including the smaller European territories that are not overseen by the FATF including some countries that are already fintech hubs such as Malta, Gibraltar and Estonia.
Although it is a monitoring body, its peer reviews and recommendations to individual jurisdictions can influence national legislative reforms, he notes. Coindesk.
Other supervision: the professionals
In addition to crypto, the note of Moneyval stresses that greater oversight should be given to specialized “gatekeeping” professions, such as lawyers, accountants and other service providers, who, in the agency’s view, “…are not only a source of information, but also a source of information for the public,” it says. often help the bleachers”.
MONEYVAL expects to complete its fifth round of assessments in 2024. By the end of 2021, 18 of the 22 jurisdictions assessed by the agency in the fifth round of mutual evaluations were subject to its enhanced follow-up procedure because of its insufficient level of compliance of AML/CFT Standards: Albania, Andorra, Croatia, Cyprus, Czech Republic, Georgia, Gibraltar, Hungary, Latvia, Lithuania, Malta, Poland, Republic of Moldova, Serbia, Slovakia, Slovenia, United Kingdom, Isle of Man Crown Dependency and Ukraine. Armenia, the Holy See, San Marino and Israel (the latter was jointly assessed by FATF and MONEYVAL) are subject to the regular follow-up procedure.
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