Money Laundering considerations in Blockchain based International Commerce

Abstract

How blockchain technology can modernise and enhance international trade and create a more level playing field and reduce costs is indeed to be welcomed. However, the technology also brings with it the prospect of abuse leading to trade based money laundering. This seminar explores how the anti money laundering (AML) legislation should respond to the use of blockchain technology in shipping and trade. Drawing on tried and tested forms of blockchain technology based trade transactions, the seminar examines the fault lines in the current regulatory systems, noting that the EU’s future plans for AML reform are starkly different from those of the UK, US and elsewhere. At a practical level the seminar will discuss how best these gaps should be remedied. This seminar is intended to be suitable for attendees with a law or non-law background.  No prior knowledge of blockchain technology or trade financing methods is required.

Speaker

Jason Chuah

Professor Jason Chuah FRSA is Professor of Commercial and Maritime Law and formerly Head of Department at The City Law School, City University of London, UK. He chairs the London Universities Maritime Law and Policy Group. He is also Editor of several international journals in commercial, banking and finance, trade and transport law. He has been involved in various consultations with the UK Government, ICC, Association of British Insurers, UNCITRAL, etc. He has published 11 books and over 200 articles in academic and professional journals. His works have been cited by tribunals and institutions in the EU, US, UK and Asia, including the House of Lords.