4 October 2017

Submission

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill

Given the inherent features of digital currencies it is difficult to estimate the volume of transactions currently taking place in digital currencies, however, if estimates from open source sites are to be believed the volume of transactions may be measured in the billions of USD every 24 hours. The ease of conducting transactions across borders, without the cost imposed by traditional banks, undoubtedly appeals to people wishing to conduct legitimate business. The current lack of oversight by authorities also undoubtedly appeals to those wishing to avoid coming to the notice of law enforcement