| Digital currency’s electromagnetic symbols,data information forms,digital currency account,digital currency wallet storage and the underlying intelligent technology carrier have brought subversive influence on the traditional anti-money laundering supervision theory and anti-money laundering legal system.The appearance of Bitcoin indicates the coming of the revolutionary era in digital currency.In the era of digital currency 1.0,the value of Bitcoin was unstable,which easily caused currency fluctuation.In the era of digital currency 2.0,digital currency,endorsed by legal tender such as US dollar,had the characteristics of stable currency value.In the era of digital currency 3.0,the institutional digital currency competed with the traditional legal tender.In the battle for the right to issue currency,mainstream countries in the world have tried legal digital currency application scenarios one after another.Digital currency can be divided into private digital currency and legal digital currency according to different issuers.From 2009 to now,in just over ten years,private digital currency has experienced a transition from floating value to stable value.Mainstream countries in the world have gradually realized that a stable digital currency will pose a threat to the national sovereign currency,and all of them have developed their own legal digital currency.The legal digital currency of all countries is issued by the central bank,which can be roughly divided into two types: retail and wholesale.Retail legal digital currency is directly settled by the central bank and "customers",while wholesale legal digital currency adds an intermediary structure between the central bank and "customers".From the perspective of blockchain technology,digital currency can be divided into public chain digital currency,private chain digital currency and alliance chain digital currency.The views of finance,computer and law on digital currency can’t be unified,so many technical and legal problems have been formed in the development of digital currency.Because of its technical characteristics,digital currency is easily used by money launderers to launder money.Among them,private digital currency adopts distributed decentralized design,which is characterized by encryption and strong anonymity,while statutory digital currency mainly adopts centralized design,which is relatively weak in anonymity.The anonymity of private digital currency is easy to make it difficult to confirm the identities of the participants in digital currency transactions in the process of digital currency transactions,which is convenient for money launderers to cover up and hide the proceeds of crime.The settlement of private digital currency transactions is separated from the existing credit currency settlement system,while the settlement of private digital currency transactions is completed through the digital currency Stock Exchange or directly through the form of "cold wallet" transactions between the two parties.In this case,it is convenient for criminal funds to be quickly laundered across borders,and it is difficult for law enforcement departments to achieve the goal of timely and effective tracking of money laundering crime transaction data.The internationalization of money laundering has always been a difficult problem for the anti-money laundering regulatory authorities in various countries.The characteristics of private digital currency’s "wallets" that are easy to pay and settle internationally make the internationalization trend of money laundering spread.Although there is an international cooperation mechanism for anti-money laundering,it is difficult for a country to extend its anti-money laundering supervision to private digital currency.Even if the legal digital currency is weakly anonymous,the anti-money laundering law enforcement department can make both parties "famous" through technical means when it deems it necessary in the process of large or suspicious transactions.However,legal digital currency may be used for money laundering,just as in traditional money laundering crimes,it is a truth that money launderers will use other people’s bank accounts to launder money.On the contrary,the "digital divide" in the digital age makes many financial consumers do not understand and know how to use digital currency.The "knowledge iteration" may make digital currency money launderers have more digital currency wallets to use.Facing the new challenges of anti-money laundering in digital currency,as an international anti-money laundering professional organization,the Financial Action Task Force on Money Laundering(FATF)has been committed to preventing money laundering risks in digital currency.FATF believes that digital currency has higher money laundering risk than traditional financial products,and stricter regulatory standards should be adopted according to the "risk-oriented" anti-money laundering regulatory requirements.In view of the special risk of money laundering in digital currency,FATF requires that the supervision of the digital currency Stock Exchange should be paid as much attention by the government as financial institutions.At the same time,because digital currency has the characteristics of facilitating cross-border money laundering,the cross-border transfer of digital currency should be subject to stricter anti-money laundering requirements than traditional currency cross-border transactions.Developed economies such as the United States,Australia and Japan have also included digital currency issuers and digital currency service providers in their anti-money laundering regulatory obligations,requiring digital currency issuers and digital currency service providers not only to perform the traditional customer due diligence system and improve the reporting system of large and suspicious transactions,but also to actively carry out the data transfer information preservation and submission system unique to digital currency’s anti-money laundering supervision to prevent money laundering risks in digital currency.Swiss,British,German and other continental European countries are more inclined to implement the sixth edition of the EU anti-money laundering directive.Even the anti-money laundering measures in digital currency after Britain’s "Brexit" still refer to the anti-money laundering measures of the EU.However,countries such as South Africa and Nigeria have not effectively implemented the recommendations of the Financial Action Task Force on Money Laundering(FATF)to strengthen the supervision of money laundering in digital currency,so they are listed on the "grey list".According to the report released by the Bank for International Settlements(BIS),countries such as Bahamas,the Eastern Caribbean,Jamaica and Nigeria have issued legal digital currency,and large technology companies such as Meta in the United States have also proposed to issue a stable digital currency that challenges the national monetary authority.As a reflective concept that challenges the traditional monetary form,the leader digital currency’s "subversive innovation" continues to be staged,and the theory of currency denationalization constantly impacts the monetary and financial system.China should reflect on the compliance and effectiveness of anti-money laundering supervision based on the traditional monetary system,and revise the anti-money laundering legal system with the value objectives of "national financial security","stable financial order" and "protection of financial consumers’ interests" to cope with the money laundering risks in digital currency.First of all,in the revision of the legal system of anti-money laundering supervision in digital currency,we should adhere to the principle of combining anti-money laundering supervision with financial development.As the core content of financial innovation,currency digitalization is subversive,but it is still in the process of understanding,trial and error,development and perfection.Therefore,we should not supervise it too strictly to inhibit its development and innovation,nor should we let it drift and govern by doing nothing.Secondly,in the revision of the legal system of anti-money laundering supervision in digital currency,we should adhere to the principle of combining forward-looking legislation with adaptive regulation.Anti-money laundering supervision legislation should maintain the foresight of legislative vision and the adaptability of legislative technology,and grasp the future development trend of monetary development and financial innovation.Legislation should not only include the subject and behavior of money laundering that should be supervised at present,but also leave room and plans for understanding the form,judgment standard,supervision mode and legal consequences of money laundering.However,the foresight of legislation should have a certain limit,which is to leave enough institutional adaptation space for the digital development of money and financial innovation.Finally,in the revision of the legal system of anti-money laundering supervision in digital currency,we should adhere to the principle of combining rule supervision with algorithm.In order to adapt to the changes brought about by currency digitalization,the anti-money laundering regulatory agencies in digital currency need to change the traditional watchful and regular regulatory model,establish a new paradigm of data-embedded anti-money laundering supervision,and use and rely on new digital technologies such as big data,cloud computing,blockchain and artificial intelligence to monitor,verify,control and identify anti-money laundering.In June,2021,China’s Anti-Money Laundering Law(revised draft for public comment)did not involve the anti-money laundering in digital currency.The Draft for Comment lacks legislative foresight,which is not conducive to China’s crackdown on money laundering in digital currency.China completely bans the circulation of private digital currency in China,which leads to the weak link of compliance and effectiveness of China’s anti-money laundering supervision in digital currency.Private digital currency is suitable for money laundering because of its valuable attributes.Central banks all over the world are actively developing legal digital currency,and a few countries have issued legal digital currency.Anti-money laundering supervision for statutory digital currency should also be incorporated into anti-money laundering supervision laws and regulations in time,otherwise,anti-money laundering law enforcement lacks basis,which will easily lead to a legal vacuum.Faced with the vigorous development of private digital currency and the accelerated pilot of digital currency in various countries,China should come up with the "China Plan" in advance and master digital currency’s right to speak against money laundering.Under the background of China’s financial reform,China’s anti-money laundering supervision institutions should face up to the pressure of digital currency’s anti-money laundering,establish an anti-money laundering supervision institution under the unified leadership of the Central Financial Committee on the basis of learning from digital currency’s international experience in anti-money laundering,innovate supervision methods,effectively use supervision technology,realize scientific and intelligent anti-money laundering supervision,and follow the "risk-oriented" anti-money laundering supervision concept.In addition,the anti-money laundering supervision institution under the unified leadership of the Central Financial Committee should strengthen the international cooperation in anti-money laundering supervision in digital currency and effectively prevent and control the money laundering risk in digital currency.Digital currency service providers and other anti-money laundering regulatory targets shall implement the customer due diligence reporting system,and establish and improve the customer identity information and transaction record keeping system.Digital currency service providers and other anti-money laundering regulatory targets shall implement the reporting system for large-value and suspicious transactions,and submit the information of transactions that exceed 10,000 RMB or transactions suspected of money laundering in digital currency to the anti-money laundering regulatory authorities in digital currency as required.Digital currency service providers and other anti-money laundering regulatory targets shall establish and implement anti-money laundering obligations such as data transfer supervision. |
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