Law360, London (August 28, 2020, 4:18 PM BST) -- The European Union could improve the effectiveness of its anti-money laundering rules by broadening the definition of virtual currencies and implementing a system to electronically identify all businesses, the Financial Markets Law Committee has said.
The non-profit group, which works with financial markets on legal matters, has warned that failure by the EU to define virtual currencies, such as Bitcoin or Ethereum, could create loopholes in the system and exclude some currencies.
The charity was responding to the European Commission's draft plan for tackling money laundering and terrorism funding.
The London-based group has said in a report that there are unintended...
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