Absence of legislation on the flow of virtual money (cryptocurrency) paves way for 'money laundering' in the TRNC

Modern computer technology and the lack of legislation in North Cyprus has introduced opportunities for cyber money laundering.

The developing 'virtual' world has brought with it new types of crime. It was stated that the way of 'money laundering' in the country was opened with 'crypto money', which is the flow of virtual money whose origin and purpose cannot be proven, and which has recently come to the agenda with hard to pronounce coins.  

While economic circles consider this money flow as 'the work of incorporating non-system money into the system', lawyers draw attention to the importance of legal regulation.

According to a report by Yeniduzen, lawyers have drawn attention to the need for regulation to counter online money laundering enabled by cryptocurrency websites.

Political circles believe that readily available opportunities to launder money using virtual cryptocurrency exchange is damaging to the country’s reputation.

Existing legislation makes no provision for the regulation of cryptocurrency operations, thus paving the way for money laundering.

LGC News

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