Recently Interpol, Europol, and the Basel Institute of Governance - sick and tired of failing at their own misguided crusade to stop money laundering - has found a convenient scapegoat for their utter incompetence, Bitcoin - specifically targeting services and software that improves or enhances fungibility and privacy. You may read the full document here. Below we have included sections of the document translated by us into readable plain English.
On creating and sharing Bitcoin Blacklists
All Countries should increase information sharing in this field. Special attention should be given to the international exchange of suspicious Bitcoin addresses that threaten economic stability. The use of Interpol, Europol, Egmont and FIU.net channels is recommended;
Translating from limp-wristed bureaucratic speech to plain English reads: “We need to create and share blacklists of bitcoin addresses we don’t like. We’ll use the same methods to share these blacklists that we use for tracking wanted international terrorists.”
On KYC/AML in the Bitcoin Wallet
All countries are advised to regulate Digital Currencies Exchangers and Wallet Providers under their current Anti Money Laundering and Counter Terrorism Financing Legislation in line with the obligations already pending on the Financial Sector;
All Countries should - in addition to - current AML/KYC regulations on Exchanges should apply that level of regulatory compliance to Bitcoin Wallets as well. Regulating software that makes them uncomfortable is the business of these parasites.
On fungibility tools and services like Samourai
All countries are advised to take action against Digital Currencies Mixers/Tumblers. Such services are designed exclusively to anonymize transactions and to make it impossible for Law Enforcement Agencies to detect and trace suspicious transactions. The existence of such companies should not continue to be tolerated;
Countries should detect in real time transactions that are flagged suspicious. Any companies or services offering software that thwarts the detection of these transactions should be dealt with by the strong arm of the state.
On the crime of “Unexplained Wealth”
All countries are advised to consider the creation of the crime of unexplained wealth. The existence of such crime and its usage as a predicate offence for the crime of money laundering is key factor successful investigations/convictions/confiscations in this field.
Currently it isn’t illegal to become wealthy. Countries should make becoming wealthy without an explanation of that wealth illegal.
Samourai will not cower to these ivory tower elites - We will actively work to destroy the effectiveness of any legislation or policy that is produced as a result of this document. We’re ready to fight. Are you?