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2022 | OriginalPaper | Buchkapitel

Cryptocurrencies Transactions in the UK Real Estate Market: Threat or Opportunity for Anti-Money Laundering?

verfasst von : Ilaria Zavoli

Erschienen in: Financial Technology and the Law

Verlag: Springer International Publishing

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Abstract

Das Kapitel "Kryptowährungstransaktionen auf dem britischen Immobilienmarkt: Bedrohung oder Chance zur Bekämpfung der Geldwäsche?" vertieft sich in die komplexen Beziehungen zwischen Kryptowährungen und Immobilientransaktionen in Großbritannien. Er beginnt mit einer Untersuchung des Aufstiegs der Kryptowährungen und ihres Potenzials, Wohlstand zu demokratisieren und den Immobilienmarkt zu transformieren. Anschließend bewertet der Autor kritisch das britische AML-System und seine Bereitschaft, mit Kryptowährungstransaktionen umzugehen, wobei er die Herausforderungen und Chancen hervorhebt, die diese mit sich bringen. Das Kapitel gliedert sich in zwei Teile: Der erste untersucht die wichtigsten Merkmale des britischen Immobilienmarktes und die potenziellen Vorteile des Einsatzes von Kryptowährungen und Blockchain-Technologie bei Immobilientransaktionen. Der zweite Teil analysiert die Beziehung zwischen Kryptowährungen und Immobilien und diskutiert die möglichen Bedrohungen und Chancen für das britische AML-System. Der Autor schlägt außerdem Empfehlungen für einen ausgewogenen Ansatz vor, der die Vorteile von Kryptowährungen wirksam nutzt und zugleich die Risiken für den Immobilienmarkt und die AML-Bemühungen abmildert. Im gesamten Kapitel betont der Autor die Notwendigkeit eines koordinierten und internationalen Ansatzes, um Kryptowährungen effektiv zu regulieren und den Immobilienmarkt vor kriminellen Aktivitäten zu schützen.
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Fußnoten
1
See Nakamoto (2008).
 
2
For an analysis of the impact of cryptocurrencies on national economies, see Taskinsoy (2019); Birch (2015).
 
3
For a thorough explanation of cryptocurrencies and how they work, see Daskalakis and Georgitseas (2020); Felten et al. (2016); Kuo Chuen Lee (2015).
 
4
See Yassine et al. (2017); Kelly (2014).
 
5
See Garcia-Teruel (2020); Latifi et al. (2019).
 
6
See Chohan (2019); Scott (2016).
 
7
However, some scholars have criticized this aspect, talking of a ‘populist’ drift. For instance, Gikay and Stanescu (2019).
 
8
See Bratspies (2018); Corradi and Höfner (2018).
 
9
See Shepard (2020); Heil (2018); Kalyuzhnova (2018).
 
10
Nijland and Veuger (2019), p. 22.
 
11
For instance, China, some states of South America and Africa. For an analysis of the regulation worldwide, see Blemus (2017).
 
12
See Girasa (2018).
 
13
See Solodan (2019).
 
14
See Dostov and Shust (2014).
 
15
See Shanaev et al. (2020).
 
16
For a discussion, see Hooper and Holtbrügge (2020); Dierksmeier and Seele (2018).
 
17
See Heaven (2017).
 
18
See Harley (2017).
 
19
See New.au.com (2018); The Straits Times (2018).
 
20
See Ramsey (2020); Zavoli (2020); Albrecht et al. (2019); Houben and Snyers (2018).
 
21
See Taylor et al. (2019).
 
22
Bitcoin price was $58,000 in May 2021, with an increase of more than 498% compared to May 2020.
 
23
On this, see the excellent analysis done by Campbell-Verduyn (2018).
 
24
For an analysis of different real estate transactions in various countries, see Garcia-Teruel (2020), p. 129.
 
25
Data from the British Property Federation available at https://​bpf.​org.​uk/​about-real-estate/​.
 
26
For the most recent statistics, see UK Government, ‘Property transactions in the UK’ https://​www.​gov.​uk/​government/​collections/​property-transactions-in-the-uk.
 
27
For a recent analysis, see Wilson and Barton (2021).
 
28
See Scanlon et al. (2017).
 
29
HMRC, National risk assessment of money laundering and terrorist financing 2020 (December 2020), p. 107.
 
30
See Transparency International (2015, 2017a, b); Boles (2017).
 
31
On how the process works, see Department for Business, Energy and Industrial Strategy, Research on Buying and Selling Homes Research paper number BIS/283 (October 2017).
 
32
See European Parliament (2019), Briefing Understanding money laundering through real estate transactions, p. 5.
 
33
See The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, 2017 No. 692, Reg. 8.
 
34
They are called ‘independent legal professionals’ under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, 2017 No. 692, Reg. 8.
 
35
On the role of private actors in AML, see Tsingou (2018); Bergstrom et al. (2011).
 
36
See Zavoli and King (2021); Benson (2020); Zavoli (2020); Terrill (2014).
 
37
See Zavoli and King (2021); Nougayrede (2019).
 
38
See Zavoli and King (2021); Zavoli (2020).
 
39
See Chau and van Dijck Nemcsik (2020), p. 72.
 
40
See HMRC, December 2020, National risk assessment of money laundering and terrorist financing 2020, pp. 107–113.
 
41
This is a problem linked to the debated topics of beneficial ownership and unexplained wealth.
 
42
Lauer (2019), p. 1230.
 
43
HMRC, National risk assessment of money laundering and terrorist financing 2020 (December 2020), p. 109.
 
44
See Zavoli and King (2021).
 
45
See The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, 2017 No. 692, Reg. 8.
 
46
See HMRC, National risk assessment of money laundering and terrorist financing 2020 (December 2020), p. 111.
 
47
Ibid.
 
48
Ibid.
 
49
Ibid.
 
50
See Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance) OJ L 141, 5.6.2015, pp. 73–117; Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (Text with EEA relevance) OJ L 156, 19.6.2018, pp. 43–74.
 
51
See The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692; The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511.
 
52
See HMRC, Estate agency business guidance for money laundering supervision (16 October 2020) https://​www.​gov.​uk/​government/​publications/​money-laundering-regulations-2007-supervision-of-estate-agency-businesses/​estate-agency-guidance-for-money-laundering-supervision; NCA, Guidance for anti-money laundering supervisors on submitting better quality suspicious activity reports (SARs) (March 2021).
 
53
See House of Commons, Treasury Committee, Economic Crime—Anti-money laundering supervision and sanctions implementation Twenty-Seventh Report of Session 2017–19, HC 2010 (8 March 2019).
 
54
See Transparency International (2015, 2017a, b).
 
55
Zavoli (2020), p. 149.
 
56
Ibid.
 
57
Hacker et al. (2019), p. 4. However, the definition of blockchain is still not shared by all scholars. On the debate, see Ghiro et al. (2021); Pilkington (2016).
 
58
See Felten et al. (2016).
 
59
Morena et al. (2020), p. 275.
 
60
See Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (Text with EEA relevance) PE/72/2017/REV/1 OJ L 156, 19.6.2018, pp. 43–74.
 
61
See The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511.
 
62
See House of Commons, Cryptocurrencies: Bitcoin and other exchange tokens, Briefing paper 8780 (19 February 2020).
 
63
See Campbell-Verduyn (2018); Inshyn et al. (2018).
 
64
See Frick (2019).
 
65
See Veuger (2020).
 
66
On the use of blockchain in commercial real estate property transactions, see Wouda and Opdenakker (2019); Latifi et al. (2019).
 
67
See Kalyuzhnova (2018).
 
68
Lee (2019), p. 782.
 
69
Ibid., pp. 782–783.
 
70
See Morena et al. (2020), p. 276.
 
71
Ibid.
 
72
Lee (2019), pp. 782–783.
 
73
See Dyson et al. (2018).
 
74
Ibid., p. 3.
 
75
See Zavoli (2020).
 
76
See Taylor et al. (2019).
 
77
Tilbury et al. (2019), p. 5.
 
78
Ibid.
 
79
See Campbell-Verduyn (2018).
 
80
Ibid., p. 299.
 
81
See Naheem (2019).
 
82
ibid., p. 522.
 
83
See Zavoli (2020).
 
84
See, among others, Hughes (2019).
 
85
This should be done also with the use of new empirical research and analysis. See Levi et al. (2018).
 
86
See Lai (2018).
 
87
On the use of blockchain in real estate transactions and its limits, see Konashevych (2020).
 
88
See Krupa and Akhil (2019).
 
89
See Saull et al. (2020).
 
90
Ibid.
 
91
See Mashatan and Roberts (2017); Wouda and Opdenakker (2019).
 
92
See Garcia-Teruel (2020) p. 135.
 
93
Ibid.
 
94
Ibid.
 
95
See Pankratov et al. (2020).
 
96
Tilbury et al. 2019, p. 1.
 
97
Dyson et al. (2018), p. 5780.
 
98
See Jain et al. (2020).
 
99
Heil (2018), p. 258.
 
100
See Garcia-Teruel (2020); Morena et al. (2020).
 
101
Garcia-Teruel (2020), p. 134.
 
102
Ibid., pp. 131ff.
 
103
Ibid., p. 130.
 
104
Mashatan and Roberts (2017), p. 2.
 
105
Ibid.
 
106
See Teichmann (2020); He (2005).
 
107
Garcia-Teruel (2020), p. 138.
 
108
Morena et al. (2020), p. 293.
 
109
Dupuis and Gleason (2020), pp. 18–19.
 
110
Zavoli (2020), p. 143.
 
111
Holman and Stettner (2018), p. 32.
 
112
Naheem (2019), p. 522.
 
113
Garcia-Teruel (2020), p. 135.
 
114
Ibid., p. 136.
 
115
Ibid., p. 137.
 
116
Ibid.
 
117
Katarzyna (2019), p. 12.
 
118
Ibid.
 
119
See Garcia-Teruel (2020), p. 140.
 
120
Ibid.
 
121
Campbell-Verduyn (2018), p. 299.
 
122
Naheem (2019), p. 522.
 
123
See Veuger (2020); Hoxha and Sadiku (2019); Tilbury et al. (2019).
 
124
Tilbury et al. (2019), p. 3.
 
125
Campbell-Verduyn (2018), p. 297.
 
126
See, for instance, Wouda and Opdenakker (2019).
 
127
Nijland and Veuger (2019), p. 28.
 
128
Ibid.
 
129
Ibid.
 
130
Ibid.
 
131
Shepard (2020), p. 123.
 
132
Ibid.
 
133
Katarzyna (2019), p. 12.
 
134
Campbell-Verduyn (2018), p. 292.
 
135
Morena et al. (2020), p. 293.
 
136
Inshyn et al. (2018), p. 170.
 
137
Sprenger and Balsiger (2018). For the most recent guidance on virtual assets money laundering risks, see FSI (2021) Supervising cryptoassets for anti-money laundering (April 2021); FATF (2021) Draft updated Guidance for a risk-based approach to virtual assets and VASPs (March 2021).
 
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Metadaten
Titel
Cryptocurrencies Transactions in the UK Real Estate Market: Threat or Opportunity for Anti-Money Laundering?
verfasst von
Ilaria Zavoli
Copyright-Jahr
2022
Buch
Financial Technology and the Law

Print ISBN: 978-3-030-88035-4

Electronic ISBN: 978-3-030-88036-1

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-3-030-88036-1_4