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Why not? Many European countries don't extradite their own citizens [1]. So you only need to comply with the local laws, which are often much less strict in ter
by gst 13y ago
Why not? Many European countries don't extradite their own citizens [1]. So you only need to comply with the local laws, which are often much less strict in terms of AML provisions. Of course you wouldn't want to do any international travel as an exchange operator who violates US law, but otherwise you're safe.
[1] Instead, they can sue you locally, even if they crime happened in another country. However, this lawsuit will be according to local laws. So if the crime is only illegal in the other country they can't sue you.
- PeterisP 13y agoFrom what I see there has been a great, successful push to "harmonize" AML provisions, so I believe they are at their core pretty much the same throughout the 'civilized world' and the semi-dictatorships have much stronger controls than that - so all the big economies and major currencies are affected in the same way as USA/USD. Can you elaborate on which countries do you have in mind for "comply with the local laws, which are often much less strict in terms of AML provisions" ? For extradition you mention Europe, but the EU AML directive is already comprehensive enough to make illegal most suggested bitcoin-for-laundering use cases; and it can be expected that if there are major loopholes found, then (continuing with their existing AML policy) EU legislation will be quickly adapted to close them.