The head of a major Mexcian financial intelligence unit has complained that local law enforcement has only a quarter of the staff it needs to respond to crypto laundering from cartels. Mexican authorities report an increase in the use of crypto assets to launder funds by criminal syndicates in Latin America. In a Dec. 8…
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The Russian national linked to the laundering of $4 billion of Bitcoin stolen during the Mt. Gox hack is finally in court. The trial of the alleged launderer of $4 billion worth of Bitcoin (BTC), Alexander Vinnik, got underway in Paris on Oct 19. However, despite reported links to the 300,000 BTC hack of Mt.…
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Law enforcement representing 16 different countries cooperated to arrest 20 members of a global crypto-powered money laundering cartel in just one of the cases. Law enforcement officials from around the world hav taken action against a major transnational money laundering operation involving cryptocurrency. On Oct. 15, Europol announced a successful operation across 16 countries that…
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He went so far as to call for the preconceptions surrounding crypto to be demystified. Mauricio Toro, Colombian congressman of the Alianza Verde party, has authored a draft bill meant to regulate the crypto industry within his country. During a recent interview with Confidential Colombia, Toro outlined some of the hurdles his proposed legislation may…
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FinCEN has warned U.S. banks that it is closely watching how they respond to crypto risk exposure with their AML programs. The U.S. Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco has warned banks to think seriously about their cryptocurrency risk exposure. During the virtual 2020 ACAMS anti-money laundering Conference in Las Vegas this week,…
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The owner of a Bulgarian crypto exchange has been convicted of providing money laundering services to a Eastern European cyber fraud syndicate. Rossen Iossifov, a 53-year-old Bulgarian national and owner of the ‘RG Coins’ cryptocurrency exchange, has been convicted of operating a multi-million dollar money laundering ring as part of a transnational auction fraud scheme.…
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The rise of crypto-related crimes and money laundering cases is the result of the increasing mass crypto adoption. The modern world has become too small for comfort. The truth is that technological advancement is a double-edged sword, which has the potential to enhance human lives drastically at many levels and disrupt them in the blink…
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Had it been Coinbase or Nexo, he agreed with speculation that law enforcement would have been knocking on the door the next day. Nexo co-founder Antoni Trenchev told Cointelegraph that he believes the information revealed during the recent FinCen leak vindicates the crypto industry. According to the leak, the world’s leading financial institutions cleared over…
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The leaked documents show many banks ‘enabling’ money laundering. Leaked documents from the U.S. Financial Crimes Enforcement Network (FinCEN) imply that the agency’s revamped efforts to identify illicit transactions and money laundering may not be sufficient. But on this occasion, the institutions described as being at fault are not crypto exchanges, but some of the…
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DeFi could fall under regulatory pressure if it is seen as a haven for money laundering. The rapid growth in decentralized finance and yield farming is likely to attract greater regulatory attention according to a recent report. A joint research paper by global management consulting firm BCG Platinion and Crypto.com has indicated that the rapid…
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