15 Aug '12, 10am

ComputerWorldAU - Bitcoin On Financial Watchdog's Radar #bitcoin

“‘AUSTRAC is aware that digital currencies, such as those offered by Bitcoin, may become more attractive to criminal groups, particularly in response to tighter regulation and monitoring of established or traditional financial channels by both government and the traditional financial service providers themselves,’ [AUSTRAC CEO] Schmidt says.” - “‘By not being able to easily trace either the criminal or the placement of money, and coupled with the issue of which country should criminal proceedings be brought in, it is appealing to criminals who want to quickly launder money,’ Chambers-Jones argues.” - “‘By far the bulk of attempted money laundering activity continues to be undertaken through the mainstream financial system,’ Schmidt says.” - “Chambers-Jones believes that while governments and law enforcement agencies are aware of the potential of virtual world money launder...

Full article: http://www.bitcoinnews.com/post/29472323316/austrac-bitcoin

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