Lack of Legislation Enables Online Money Laundering

Bitcoin - money laundering

Monday, 29 August 2022

Modern computer technology and the lack of legislation in North Cyprus has introduced opportunities for cyber money laundering, Yeniduzen reports.

Lawyers have drawn attention to the need for regulation to counter online money laundering enabled by cryptocurrency websites.

Political circles believe that readily available opportunities to launder money using virtual cryptocurrency exchange is damaging to the country’s reputation.

Existing legislation makes no provision for the regulation of cryptocurrency operations, thus paving the way for money laundering.


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