How cryptocurrency is subset of virtual currency

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Reference no: EM133684930

Questions

1. Name the first cryptocurrency and approximate year of invention.

2. List the five categories and terminologies relating to value depicted in the diagram in Chapter 15.

3. Explain how cryptocurrency is a subset of virtual currency.

4. Briefly summarize why successful criminals need to launder money.

5. List the four money laundering stages.

6. Spell out what FATF is and briefly summarize what it is.

7. Spell out what FinCEN is and briefly summarize what it is.

8. There are laws and regulations that apply to virtual currency and cryptocurrency in the U.S. Briefly summarize some of the laws and regulations that apply to virtual currency today.

9. Could it ever be ethical to commit the crime of money laundering? Explain.

10. A virtual currency exchanger transfers millions of dollars for individuals and organizations and it has no idea who those people are. They are not committing the offense of money laundering and have no knowledge that the funds are criminal proceeds. Might they be violating other statutes? Is their exchange of funds ethical?

11. Throughout human history there have always been some people who advance their own interests at the expense of others in society. That means some who devote themselves to stealing and otherwise victimizing others, and they make money doing it. Government seeks to reduce that, protect society, including by following the money, and conducting anti-money laundering efforts. Summarize the importance of money laundering for criminals, anti-money laundering for society, and how virtual currency now plays a role.

12. Money laundering and anti-money laundering is an area that encompasses crime, profit, investigation, criminal laws, civil laws and regulation, and more. Interesting right?

Reference no: EM133684930

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