FATF: Concerns Regarding Use Of Bitcoin By Terrorists

The Australian reports(paywalled) (archive) that a Financial Action Task Force meeting scheduled to run June 21st through 26th in Brisbane, Australia will include discussions regarding the possible use of Bitcoin by terrorists with the view that exchanges who turn bitcoin into fiat currency should be required to report transactions it perceives to be suspicious. At discussions held yesterday, the current head of FATF and former Australian public servant Roger Wilkins (archive) also shared concerns regarding the use of cash, saying:

"The ­capacity of border protection people to pull up cash and ask some difficult questions, interro­gate people who are caught in the act, is a little bit weak in terms of how countries enforce it."

Member countries of the FATF span the globe and include the five eyes – Australia, Canada, New Zealand, United Kingdom, United States of America as well as Argentina, Austria, Belgium, Brazil, China, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, Norway, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, and Turkey.

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