Blockchain pitched as derisking tool for banking, cross-border trade
18 Oct 2017

Digital ledger, or blockchain technology, is set to change the way both private companies and governments do business, says Mat McGuire, a financial crime risk management expert from Canada.

The technology has substantial utility as a solution to money laundering and tax evasion, notwithstanding growing concerns about its use in the development of cryptocurrencies that finance illicit activity on the dark side of the internet, the dark web, McGuire told a conference in Kingston.

In his scripted presentation, he cited the example of the Republic of the Marshall Islands, which in 2011 was found to have deficiencies in its programmes that “were symptomatic” of violations of treaties and conventions, stemming from its association with anonymous corporations.

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