The threat of money laundering in intermediated securities systems and bitcoin transactions
School of Economics, Business Administration and Legal Studies, Executive MBA
This dissertation was written as part of
Master of Science (MSc) i
n Transnational and
European Commercial Law, Mediation, Arbitration and Energy Law
International Hellenic University.
This dissertation notes the vulnerability of intermediated holding systems and
bitcoin transactions to money laundering activities.
It explains why the inherent
features of the intermediated holding system
are not in principle compatible with
compliance procedures that would make investors’ identities easily accessible at
every tier of the holding chain for authorities engaged
in fighting money laundering.
supports the proposition for a central register, within the existing framework of
intermediated holding systems, where investors’ identities will be recorded. Finally,
accepts as necessary the Commissions’ proposals for amendments to the 4th
Laundering Directive, assessing that a totally unregulated trade in bitcoin would
offer a vast field of action to criminals engaged in money laundering.
Foremost, I would like to express my sincere gratitude to Dr. Thomas Keijser for the
academic guidance he provided me with for the purpose of
writing this dissertation.
His support has been invaluable in the true sense of the word.
Moreover, his deep
knowledge in the scientific field of intermediated securities
combined with his
patience, motivation and kindness,
helped me conclude my work in the most optimal
way. I could not have imagined having a better advisor and mentor for my thesis.