Virtual Currency And Blockchain

Featured Virtual Currency And Blockchain

EU to ban cryptocurrency anonymity in anti-money laundering plan

The European Commission wants to end anonymity in cryptocurrencies and establish a new anti-money laundering agency to enforce tougher rules in a plan to crack down on the proceeds from crime. The proposals launched by financial services commissioner Maireád McGuinness aim to “improve the detection of suspicious transactions and… Read More

U.S. Treasury issues AML ‘priorities’ but experts cite minimal value to compliance

The U.S. Treasury Department’s anti-money laundering (AML) unit recently issued the much-anticipated AML priorities Congress demanded in the Anti-Money Laundering Act of 2020, a legislative effort to clarify where financial institutions should focus their efforts to more effectively police transactions for illicit activity. Some experts said the AML and counter-terror… Read More

The UK’s great bank account shutdown

Innocent customers are having their accounts closed, funds frozen and large transactions blocked as panicking banks try to crack down on crime. Regulators have become increasingly concerned that criminals are taking advantage of weaknesses in bank systems. They want banks to be more robust in monitoring transactions, large money transfers… Read More
19th July 2021
An evaluation by global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the ongoing COVID-19 pandemic and is now slated to be initiated next year, officials said. The… Read More
18th July 2021
Once a week Ghulam Ahmed, 38, takes time out from his cryptocurrency consulting business to log into a WhatsApp group with hundreds of members eager to learn how to mine and trade cryptocurrency in Pakistan. From housewives looking to earn a side income to wealthy investors wanting to buy cryptomining… Read More
16th July 2021
What links an Italian broker accused of extorting the Vatican, South African brothers accused of absconding with bitcoin worth more than $3bn from their investors and a disgraced Turkish banking mogul who served time for harbouring his nephew after a murder? They all recently became citizens of… Read More
16th July 2021
Major cryptocurrency exchange Binance is not authorised to carry out activities in Italy, the country’s market watchdog said on Thursday, joining a string of global regulatory moves against the platform. Binance Group companies are not authorised to provide investment services and activities in Italy, even via the exchange’s main website… Read More
16th July 2021
The Biden administration intends to crack down on the use of cryptocurrencies in ransomware attacks through more rigorous tracing of proceeds paid to hackers behind the disabling of companies, government agencies and organizations, according to people familiar with the matter. The U.S. strategy will also involve bounties of as much… Read More
16th July 2021
Bitcoin miners flocked to the US and Kazakhstan as China’s government prepared to crack down on the currency, new data shows. America’s share of worldwide Bitcoin mining rose from 4.1pc in September 2019 to 16.8pc at the start of April, putting it second in the world, according to figures from… Read More
15th July 2021
Hong Kong customs has shut down a local money-laundering syndicate that used cryptocurrency to process illegal funds totalling HK$1.2 billion (US$155 million), arresting the suspected ringleader and other members in the first operation of its kind in the city. An investigation revealed more than 60 per cent of the funds… Read More
14th July 2021
Getting off the money-laundering grey list might take longer than Maltese authorities hope as it will be difficult to prove effective enforcement in certain “tricky” areas, a leading international expert has warned. Giuseppe Lombardo, who has evaluated several countries as a senior assessor for MoneyVal, told a conference of local… Read More
14th July 2021
Cryptocurrency exchanges that are based outside South Korea must register with the nation’s anti-money laundering body if they use the Korean currency, a top financial regulator said Tuesday. Financial Services Commission Chairman Eun Sung-soo made the remarks when asked by a lawmaker whether Binance, the world’s largest cryptocurrency exchange, should… Read More
14th July 2021
The European Central Bank is set to give the green light on Wednesday to a multi-year project to create a digital version of the euro. An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet that euro zone citizens can keep at the ECB. Read More