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15 November 2019

Germany Warns of Privacy Token Usage in Money Laundering and Terrorism

Germany Warns of Privacy Token Usage in Money Laundering and Terrorism


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19, the ministry’s “First Money Laundering and Terrorist Financing National Risk Assessment” for 2018-2019 provided analysis aimed at the identification of existing and future risks in the field of anti-money laundering (AML) and terrorism financing (TF) in Germany.

There is evidence of use of crypto assets in the fields of right-wing extremism and Islamism, however, there is no reliable evidence that cryptocurrencies have been used to a greater extent for TF.

“The use of cash, in contrast to the use of pseudonymous crypto assets, leaves no traceable footprint and is easy to handle, so it can be assumed that, for example, the transfer of funds in the field of ​​terrorism financing alongside hawala and money transfer service providers currently continues mainly via cash couriers.”

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