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ACFCS Experts Say El Salvador Should Beware of Financial Crimes Spawned by Bitcoin

Amy Liu

Summary: El Salvador passed a law accepting Bitcoin as legal tender. Cybercrime experts worry that this may breed financial crimes. Gonzalo Vila at the Association of Certified Financial Crime Specialists (ACFCS) says: “The social and security situation in El Salvador has improved lately, but there are still enormous risks and vulnerabilities... Legal and legitimate companies could ...

El Salvador passed a law accepting Bitcoin as legal tender. Cybercrime experts worry that this may breed financial crimes. Gonzalo Vila at the Association of Certified Financial Crime Specialists (ACFCS) says: “The social and security situation in El Salvador has improved lately, but there are still enormous risks and vulnerabilities... Legal and legitimate companies could be used to move dirty funds [from elsewhere] through the financial system.”They and others agree that El Salvador must invest seriously in new anti-money-laundering and terrorist finance controls.

By Amy Liu

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