Editor’s Note: See, Unwarranted Deputization: Increased Delegation of Law Enforcement Duties to Financial Institutions Undermines American Competitiveness.
By MATEI ROSCA and PATRICK TEMPLE-WEST
But with this big step into the tightly regulated world of finance, the company will expose itself to a type of regulatory intrusion that is not common in its traditional realm of online media. Chief among the concerns, according to experts, are the possibilities that Facebook’s global coin could be exposed to money laundering using the company’s main website and its sister platforms WhatsApp and Instagram.
“Facebook coin will do for money laundering what Facebook did for fake news — likely lead to an explosion in terrorist financing,” said Charlie Delingpole, CEO of Comply Advantage, an anti-money laundering consultancy.
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