E-money: opportunities for quick payments and risks of their use for illegal purposes
E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about figh...
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| Format: | Article |
| Language: | Russian |
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Plekhanov Russian University of Economics
2018-10-01
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| Series: | Вестник Российского экономического университета имени Г. В. Плеханова |
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| Online Access: | https://vest.rea.ru/jour/article/view/568 |
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| _version_ | 1849244786399117312 |
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| author | A. A. Koval M. Yu. Kuzmenkov |
| author_facet | A. A. Koval M. Yu. Kuzmenkov |
| author_sort | A. A. Koval |
| collection | DOAJ |
| description | E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about fighting criminal incomes’ legalization in respect to e-money issuers. These countries also underline that special risk for criminal incomes’ legalization can be caused by anonymous money and pre-paid cards. Therefore, many countries fix in their national laws measures that ensure realization of risk-oriented approach directed at minimizing risks of money laundering and terrorism financing. For example, the EU develops amendments to the directive aiming at elimination of risks dealing with use of e-money and pre-paid cards for legalizing criminal incomes. The authors propose measures aimed at improvement of legislation about fighting money laundering and terrorism financing to minimize respective risks in using e-money. At the same time the necessity to develop conditions for extending possibilities of remote identification was pointed out, as it was envisaged by the program ‘Digital Economics of the Russian Federation’. |
| format | Article |
| id | doaj-art-baf92bbcfedf44bea1b3ab77fb0998ca |
| institution | Kabale University |
| issn | 2413-2829 2587-9251 |
| language | Russian |
| publishDate | 2018-10-01 |
| publisher | Plekhanov Russian University of Economics |
| record_format | Article |
| series | Вестник Российского экономического университета имени Г. В. Плеханова |
| spelling | doaj-art-baf92bbcfedf44bea1b3ab77fb0998ca2025-08-20T03:59:03ZrusPlekhanov Russian University of EconomicsВестник Российского экономического университета имени Г. В. Плеханова2413-28292587-92512018-10-0105697510.21686/2413-2829-2018-5-69-75518E-money: opportunities for quick payments and risks of their use for illegal purposesA. A. Koval0M. Yu. Kuzmenkov1Russian Center of Competences and Analysis of Standards of OECD of a RANEPA under the President of the Russian Federation.Russia OECD VAVT Club of the Ministry of Economic Development of the Russian Federation.E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about fighting criminal incomes’ legalization in respect to e-money issuers. These countries also underline that special risk for criminal incomes’ legalization can be caused by anonymous money and pre-paid cards. Therefore, many countries fix in their national laws measures that ensure realization of risk-oriented approach directed at minimizing risks of money laundering and terrorism financing. For example, the EU develops amendments to the directive aiming at elimination of risks dealing with use of e-money and pre-paid cards for legalizing criminal incomes. The authors propose measures aimed at improvement of legislation about fighting money laundering and terrorism financing to minimize respective risks in using e-money. At the same time the necessity to develop conditions for extending possibilities of remote identification was pointed out, as it was envisaged by the program ‘Digital Economics of the Russian Federation’.https://vest.rea.ru/jour/article/view/568money launderinge-moneypre-paid cardsfatf |
| spellingShingle | A. A. Koval M. Yu. Kuzmenkov E-money: opportunities for quick payments and risks of their use for illegal purposes Вестник Российского экономического университета имени Г. В. Плеханова money laundering e-money pre-paid cards fatf |
| title | E-money: opportunities for quick payments and risks of their use for illegal purposes |
| title_full | E-money: opportunities for quick payments and risks of their use for illegal purposes |
| title_fullStr | E-money: opportunities for quick payments and risks of their use for illegal purposes |
| title_full_unstemmed | E-money: opportunities for quick payments and risks of their use for illegal purposes |
| title_short | E-money: opportunities for quick payments and risks of their use for illegal purposes |
| title_sort | e money opportunities for quick payments and risks of their use for illegal purposes |
| topic | money laundering e-money pre-paid cards fatf |
| url | https://vest.rea.ru/jour/article/view/568 |
| work_keys_str_mv | AT aakoval emoneyopportunitiesforquickpaymentsandrisksoftheiruseforillegalpurposes AT myukuzmenkov emoneyopportunitiesforquickpaymentsandrisksoftheiruseforillegalpurposes |