Unregulated cryptocurrency threatens global anti-corruption efforts

Friend and foe: Cryptocurrencies are growing in both popularity and value PIC: MARCA.COM
Friend and foe: Cryptocurrencies are growing in both popularity and value PIC: MARCA.COM

Cryptocurrencies and other virtual assets are emerging as the biggest threat to global efforts to fight corruption, as the largely unregulated sector provides anonymity for criminals to hide and transact in their ill-gotten gains.

Harvard law professor, Matthew Stephenson says where the criminals of yesteryear used to hide their loot in suitcases under mattresses, cryptocurrencies have removed the limits of both the suitcases and the mattresses.

“If the suitcase full of cash becomes an electronic suitcase full of cash, it could be any size, and it is the same as storing it underneath a network of computers that don’t have to go through any banks and subject to any anti money laundry rules,” he told a recent US Foreign Press Centre virtual briefing on corruption.

Editor's Comment
Women in Politics caucus NGO, a welcome development

In the 2014 General Election, women who stood for parliamentary elections were a mere 17 out of a total of 192 aspirants, and sadly the number dropped to 11 out of 210 parliamentary aspirants in the 2019 General Election. Hopefully, registration of the Women in Politics Caucus will give women the necessary support to join politics. While things were slowly improving, women for a long time were at the receiving end as compared to their male...

Have a Story? Send Us a tip
arrow up