According to Claudia Cánepa, head of the Operational Risk Supervision Department of the Superintendence of Banking, Insurance and AFP (SBS), in Peru there are several companies that operate with crypto assets or cryptocurrencies, among them the so-called bitcoins.
In this regard, the SBS, through the Financial Intelligence Unit (FIU), has found it convenient to evaluate the possibility of regulating this sector in order to avoid asset laundering situations. Efficient. Well, since the beginning of transactions through crypto assets, the risks of being used to hide fraudulent transactions have only been increasing.
The preferred tool for money laundering? According to Insight crime, it is, and to show a button: On April 23, 2019, agents of the Department of Narcotics Research of Brazil captured a man in Porto Alegre who performed cryptocurrency mining (process to perform validations and process transactions of a cryptocurrency in a blockchain) in a clandestine laboratory in that city. According to police, they used Bitcoin mining to make the change and pay the drug distributors. This activity is very attractive to criminals because it gives them the possibility to carry out international transactions to launder dirty money, clearly, without any state financial control.
From the international point of view? The International Financial Action Task Force (FATF), which leads efforts to combat the misuse of new technologies, makes constant calls to countries to protect their financial systems from such threats. Especially, to those who have been targeted by them.
Latin American countries a little more restrictive in this matter? Colombia, Bolivia and Ecuador. The first banned financial institutions from receiving payments in virtual currencies, the second banned the use of currencies not regulated by the main financial entity, and the third, directly disallowed the use of bitcoin as a means of payment for goods and services in its territory, he said Criptonoticias.
On the other side of the spectrum? Mexico, Venezuela and Argentina. The first was the first country in the region to grant a legal framework for the use of cryptocurrencies, and recognized them as virtual assets, although complementary circulars have made operations with crypto assets somewhat difficult. The second, despite the complexity of its economic system (or perhaps, as a result of this), considers cryptocurrencies as a reserve of value against the devaluation of its currency, and has Petro as its own cryptocurrency. The latter accepts them as a valid form of payment and citizenship education has been promoted on this issue (for this reason the NGO Bitcoin Argentina and Bitcoin Day).