Saint Petersburg, St. Petersburg, Russian Federation
UDC 338
Introduction. The metaverse facilitates the creation of new schemes for laundering criminally gained income. Therefore, the standard three-stage anti-money laundering/counter-terrorism financing (AML/CTF) model remains useful as a concept, but overly limited to cover all risks associated with virtual currencies. The current configuration of the online environment has led to the emergence of three distinct virtual currency circulation schemes. The two-way flow scheme poses the greatest risk in the area of money laundering. The research aims at analysing the specific mechanisms of money laundering in metaverses and developing recommendations for minimising the risks associated with virtual currency transactions. The research methodology is based on the concept proposed by the Financial Action Task Force (FATF), the group responsible for developing financial measures to combat money laundering, in its definition of virtual assets. Results. The main high-risk factors in metaverses are: the possibility of gaining advantages (preferences); the possibility of conducting international transactions; and the existence of a potentially unregulated market. In this regard, legislative amendments are required to ensure that the money laundering and terrorist financing (ML/FT) phase of ‘integration into the legal economy’ includes the conversion of cryptocurrency into virtual assets. It is reasonable to propose a regulatory model for metaverses comprising the following elements: risk-based AML/CFT controls in accordance with FATF standards; investors’ protection and market integrity according to the requirements of the International Organisation of Securities Commissions; financial stability and cross-border coordination limits set by the Central Bank of the Russian Federation; full information transparency and compliance with organisational requirements under KYC.
virtual currencies, money laundering, metaverse, cryptocurrency, risk-based control
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