Money Laundering Research Related to Digital Currency

Internet Gambling, Electronic Cash & Money Laundering: The Unintended Consequences of a Monetary Control Scheme

Entrepreneurs have exploited technological advances and consumer demand to build a global gambling market on the Internet. In response, members of the U.S. Congress have repeatedly attempted to pass legislation prohibiting Internet gambling. Although all federal legislative attempts to place an outright ban on Internet gambling have failed, attempts to find an enforceable method of prohibition continue. Congress’s most recent attempt to prevent Americans from gambling on the Internet is contained in proposed legislation, the Unlawful Internet Gambling Funding Prohibition Act (UIGFPA), which would institute a monetary control scheme in the United States preventing the use of credit cards and other bank instruments for Internet gambling. The raison d’etre for this legislative effort is purportedly to prevent money laundering.

Mark D. Schopper
Chapman Law Review
2002

A Survey of Electronic Cash, Electronic Banking, and Internet Gambling

Since 1995, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has been examining the potential regulatory and law enforcement implications of emerging technology-driven payment mechanisms, such as smart card and Internet-based electronic cash, electronic banking, and Internet gaming. This initiative was undertaken within the context of FinCEN’s mission to support and strengthen domestic and international antimoney laundering efforts.

FinCEN
2000

Cyberpayments and Money Laundering

This report summarizes research performed by RAND for the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury as part of FinCEN’s overall effort to examine potential money laundering concerns raised by the deployment of Cyberpayment systems.

FinCEN