加密貨幣之洗錢防制研究

Abstract

近年來我國逐漸注重洗錢防制的重要性，分別著手對金融機構及指定之非金融事業或人員課予洗錢防制的義務。加密貨幣起初因被我國中央銀行認定為虛擬商品，故缺乏洗錢防制的相關規範。惟主管機關近來已認識到基於區塊鏈運作的加密貨幣因其匿名性及流通性有被洗錢犯罪所利用的疑慮，遂開始規劃如何對其進行監理，初步考慮採取「實名制」及「自律組織」的策略。本文旨在明確化前述策略的應用對象，並提出具體的洗錢防制政策。 本文贊同主管機關所採行之監理策略，爰利用文獻分析法由淺入深，從三種虛擬貨幣匯兌架構出發，定位加密貨幣之性質，再以加密貨幣為論述核心，更深入探討加密貨幣之類型、架構種類、特性以及運作模式以辨識加密貨幣對我國法制可能造成的衝擊以及制訂洗錢防制政策將面臨的難題。 洗錢防制注重以風險為本的監理模式，此不僅是國際趨勢，更是為達有效的監理資源分配所必須。本文爰以風險為基礎分析加密貨幣，發現其會因所採行之架構係屬公鏈或私鏈而有截然不同的洗錢犯罪風險，是以有需要對兩者採行不同的洗錢防制政策。其中採行公鏈架構之全雙向流通性加密貨幣所呈現之洗錢風險最高，採行私鏈架構之加密貨幣相較之下則呈現較低之洗錢風險。 對於公鏈及私鏈之洗錢防制政策適用對象本文參考《FATF虛擬貨幣風險基礎方法指引》、《美國銀行保密法》及美國金融犯罪稽查局之函釋區分使用者、交換者及發行者三大涉及加密貨幣運用的使用類別。歸納出匯兌業者下之交換者為加密貨幣洗錢防制上最具風險的角色，對其進行態樣分析後再將其細分為場外交易平台、經紀業者及交易所三類。本文藉由特定上述對象以評估加密貨幣與我國之國家洗錢威脅風險間的關聯性，再詳細評估其產業風險及其他風險因素，綜合洗錢風險及產業發展二者對監理策略進行修正，將其進一步具體化，以形成最具效率之洗錢防制政策。

In recent years, Taiwan has gradually emphasized the crucial role of Anti-Money Laundering ('AML') Scheme by obligating Financial Institutions ('FIs') and Designated Non-Financial Businesses and Professions ('DNFBPs') to comply with AML regulations. Cryptocurrency is initially deemed by the Central Bank of the Republic of China (Taiwan) as virtual commodity, which lacks appropriate AML measures. However, competent authorities have realized cryptocurrency, which functions based on blockchain, is vulnerable to money launders due to its anonymity and liquidity. Hence, competent authorities have formulated regulatory strategies, such as “Real-Name System” and “Self-Regulatory Organization”. The objectives of this study are defining the subjects to which the aforementioned strategies apply and proposing specific AML policies. Based on the two strategies proposed by Financial Supervisory Commission ('FSC'), this study applies the Literature Review Method to examine three types of Virtual Currency Schemes, the nature of cryptocurrency, and then the blockchain schemes, properties, and operation model. On the back of the abovementioned analysis, the study identifies the impacts of cryptocurrency on Taiwan’s legal systems and the obstacles in formulating AML policies for cryptocurrency. Risk-Based Approach ('RBA') is the foundation of AML scheme. Adopting RBA is not only in line with international trend, but enabling effective allocation of necessary regulatory resources. The study analyze the ML risks of cryptocurrency by applying RBA and identifies a substantial difference in the ML risks stemming from “permissionless blockchain” and “permissioned blockchain”. This study learns that permissionless cryptocurrency featuring bidirectional flow property poses higher ML risks while permissioned cryptocurrency poses lower ML risks. Hence, the study proposes adopting different AML strategies for pemissionless and permissioned blockchain, and such strategies should be proportionate to the ML risks of pemissionless and permissioned blockchain. The study refers to “FATF Guidance for a Risk-Based Approach to Virtual Currencies”, “The Bank Secrecy Act” along with the administrative rulings from FinCEN and categorizes the persons engaged in activities related to virtual currencies into User, Exchanger, and Administrator. This study reveals that exchangers pose the most significant ML risks in the field of cryptocurrency. Based on typology analysis, this study further categorize exchangers featuring the function of money transmittance into “Over-the-Counter Platform”, “Exchange Broker”, and “Exchange Trading Platform”. By identifying the targets above, the study is able to evaluate how cryptocurrency may relate to Taiwan’s National Risk Assessment ('NRA') and thoroughly assess Taiwan’s Sector Risk ('SRA') as well as other inherent risks of “Money Transmitters”. The study intends to integrate the above risk assessment findings with cryptocurrency sector developments so as to propose effective and solid AML policies for cryptocurrency, which may be used as references for Taiwan’s AML regulatory strategies.