GS3 · 15 marks · 250 words
The convergence of peer-to-peer cryptocurrencies with traditional hawala has created an opaque transnational value-transfer network. Examine how this crypto-hawala nexus operates and why it poses challenges for India's anti-money-laundering and counter-terrorist-financing regime. Also, discuss the steps taken so far.
Answered by 2 toppers
Syllabus: Challenges to internal security through communication networks, role of media and social networking sites in internal security challenges, basics of cyber security; money-laundering and its prevention.
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The toppers’ answers
More on Money Laundering
Laundering and its prevention, hawala, benami and shell entities, the PMLA and the FATF, financial crime.
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