Euro Central Bank backs money laundering rules for virtual currency exchanges

Plans to bring virtual currency exchanges and digital wallet providers within the scope of EU anti-money laundering (AML) legislation have been backed by the European Central Bank (ECB). he ECB said it "strongly supports" the proposals to extend the Fourth Anti-Money Laundering Directive (AMLD4), noting that "terrorists and …

[Spindreams]

Yeah good luck with that EU...

[Bob Rocket]

Glass Houses

Of course all the big launderers use virtual currencies such as Bitcoin to transfer their ill gotten gains around the globe.

A Google search for 'European banks fined for money laundering' returns 470,000 results, none of which mention virtual currencies at all.

Perhaps the ECB is trying to divert attention away from their own dodgy dealings.

[Mage]

Re: Glass Houses

Some of major money Laundering is USA Banks.

A major amount is done in City of London, UK based Banks and by USA Multinationals (not just tech at all either).

The problem isn't the ECB.

[Infernoz]

Re: Glass Houses

Money Laundering is just an flimsy excuse by governments to control populations, including for taxation, yet all the big players have the resources to bypass it, including by sacrificial diversion for Police Theatre.

The City of London is a parasitic state in England, much like the Vatican in Italy, neither should still exist at all!

The currency distortion by central banks actually makes criminal finance easier and 'legalises' it!

[Infernoz]

Fiat Currencies are mostly legalised fraud, as is the fragile Glass House EU.

Government and now (often private) central bank currencies are only notionally legal and most is actually illegal because it is fraudulent, virtual, fractional reserve debt which cannot be viewed as contractually valid, and is only really supported by threats/acts of violence, hot air, faith and sentiment, for a finite period, until they defraud holders by devaluation or death from hyper inflation and catastrophic loss of confidence.

Purely electronic virtual currencies at least have publicly known, much stricter limits on issuance, so are less likely to be fraudulent, but that doesn't mean that I'd trust them for long periods. The reason why interfering centralist bodies like the EU and governments don't like cash or independent currencies is because they are much harder to track, tax and manipulate to enslave populations.