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Virtual Assets–Emerging Risk of Money Laundering and Terrorism Financing

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STRATEGIC ANALYSIS

Virtual Assets– Emerging risk of Money laundering and Terrorism financing

Virtual Asset refers to any digital representation of value that can be digitally traded, transferred, or used for payment. Virtual Assets are considered high risk in terms of money laundering and terrorism financing due to anonymous and decentralized of peer-to-peer online transactions. FMU has conducted the strategic analysis on Virtual assets related transactions to identify and assess the risk/ vulnerabilities associated with them. The strategic analysis is based on different domestic and international reports on virtual assets and the suspicious transactions reports received to FMU during the period of January 2020 to June 2021. The purpose of the study is to assist the financial sector, regulators, law enforcement agencies and other stakeholders to develop legal/regulatory framework to govern the virtual assets.