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The implications of the Brexit from EU and bitcoin

Tareq Na'el Al-Tawil (Department of Accounting, College of Business, Zayed University, Abu Dhabi Campus, Abu Dhabi, United Arab Emirates)
Hassan Younies (School of Management, New York Institute of Technology, Abu Dhabi Campus, Abu Dhabi, United Arab Emirates)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 13 July 2020

Issue publication date: 25 May 2021

279

Abstract

Purpose

The purpose of this paper is to tackle the most pressing issues confronting global anti-money laundering (AML) efforts, particularly, the implications of the Brexit from EU and the increasing association of bitcoin and cryptocurrencies with crimes.

Design/methodology/approach

This paper will evaluate the implications of Brexit to AML efforts and the threat that cryptocurrencies like bitcoin pose to the financial system.

Findings

Instead of banning trade and other transactions using BTC and other cryptocurrencies, financial experts, with the able assistance of IT and mining experts, from all over the world need to convene and tailor an effective regulatory framework. Solid cooperation among the international community, supported by unitary standards and procedures, will help boost the worlds AML/combatting the financing of terrorism (CFT) efforts. As an added bonus, effective regulation, monitoring and control can facilitate more efficient tax collection.

Originality/value

Recommendations were advanced about the future of AML/CFT efforts and the need for internationally holistic approaches in combatting these twin scourges on all economies.

Keywords

Citation

Al-Tawil, T.N. and Younies, H. (2021), "The implications of the Brexit from EU and bitcoin", Journal of Money Laundering Control, Vol. 24 No. 1, pp. 137-149. https://doi.org/10.1108/JMLC-05-2020-0050

Publisher

:

Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited

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