Regulatory Update
26th April 2021
The Morrison government has walked away from plans to unmask nominee directors, a move experts claim will entrench Australia as a safe haven for laundered money and the proceeds of corruption. Australia committed to introducing a so-called “beneficial ownership register” in 2016 and again in 2018 with expectations the reform… Read More
26th April 2021
Buyers and sellers of Bitcoin and other cryptocurrencies are no longer able to trade virtual assets anonymously in Ireland under an expanded anti-money laundering regime. As of today, cryptocurrency service providers in Ireland will have to comply with money laundering rules and other basic regulations for the first time. This means that they must… Read More
21st April 2021
The U.S. House of Representatives has passed several pieces of bipartisan legislation including a section on digital assets, according to a press release from the House Financial Services Committee on Tuesday. Known as the Eliminate Barriers to Innovation Act of 2021 (H.R. Read More
20th April 2021
The risk of Jersey’s finance industry and non-profit organisations (NPOs) being used to fund terrorism has been classed as medium to low. It is the conclusion of a risk assessment report produced in response to requirements by the Financial Action Task Force (FATF), which sets the international standards on financial… Read More
20th April 2021
The British government and the Bank of England have set up a taskforce to create a digital sterling or ‘Britcoin’, as central banks worldwide step up their work to beat Big Tech to the punch on creating blockchain-based currencies. The taskforce still does not commit Britain to actually introducing a… Read More
20th April 2021
South Korea said Monday it plans to crack down on any illegality involving cryptocurrencies, such as money laundering, until June amid skyrocketing prices of virtual money. The interagency crackdown comes as the latest frenzied buying of bitcoin and other cryptocurrencies raises concerns about speculative investments and potential illegal activities, according… Read More
20th April 2021
The European Union on Monday imposed sanctions on members of Myanmar’s junta who took control of the country in a Feb. 1 coup, as well as its new information minister and two conglomerates controlled by the military. In its firmest response yet to the ousting of an elected government led… Read More
20th April 2021
Beachfront property owned by China’s political elite. Washington-accused drug lords and gun runners operating blocks apart. Companies enabling North Korea’s purported sanctions-busting fleet. All the above exist in Hong Kong and were exposed, in part, by investigations using Hong Kong’s Companies Registry, a public database that has… Read More
19th April 2021
Turkey’s central bank banned the use of cryptocurrencies and crypto assets to purchase goods and services, citing possible “irreparable” damage and significant transaction risks in a move that cooled global bitcoin prices. In legislation published in the Official Gazette on Friday, the central bank said cryptocurrencies and other such digital… Read More
15th April 2021
The European Union will seek to increase police cooperation, target human trafficking and establish new rules to counter money laundering, according to plans detailed by the European Commission on Wednesday. The EU executive set out a five-year roadmap of legislative proposals and initiatives designed to combat organised criminal gangs, who… Read More