India has achieved a high level of technical compliance with Financial Action Task Force (FATF) standards, addressing illicit finance, money laundering, and terrorist financing. In a joint assessment with regional bodies, the FATF praised India’s progress but pointed out areas needing improvement, especially in regulating the non-financial sector and virtual asset providers. The country was…
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The French financial regulatory authority has begun accepting applications for authorization as a crypto asset service provider under the European Markets in Crypto-Assets (MiCA) Regulation, ahead of its implementation in December 2024. This regulation mandates prior authorization for market participants offering crypto asset services in the EU, with strict adherence to anti-money laundering, cybersecurity, and…
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U.S. senators have introduced legislation to empower the Secret Service to combat cybercrimes involving digital assets. This legislation addresses the growing use of cryptocurrencies for illicit activities and mandates the Government Accountability Office to evaluate law enforcement’s effectiveness in tackling money laundering in cyber crimes. New Bill Targets Cybercrime and Money Laundering with Digital Assets…
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U.S. Department of the Treasury’s Under Secretary Brian E. Nelson has confirmed that terrorists’ use of crypto remains a small fraction of more established mechanisms to move money. He also admitted that “digital assets were not even a popular tool for Hamas or the Palestinian Islamic Jihad” and “Hamas is using crypto in relatively small…
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Blockchain analytics firm Chainalysis has raised concerns over the accuracy of recent reports regarding the extent of cryptocurrency’s role in terrorist financing. Following the recent Hamas attack in Israel, there has been increased scrutiny of how terrorist groups might be utilizing cryptocurrency for their funding. … Read More: Chainalysis Highlights Flawed Analysis in Assessing Crypto’s Role…
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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on a crypto exchange in Gaza that is involved in Hamas fundraising. The targeted exchange, known as Buy Cash, operates from Gaza and is alleged to have played a role in facilitating terror financing activities…. Read More: US Treasury Imposes…
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Investigations based on Israeli government seizure orders and blockchain analytics have indicated that Hamas, along with other militant groups such as Palestinian Islamic Jihad (PIJ) and Hezbollah, received millions of dollars in crypto funding in the lead-up to the attack on Israel…. Read More: Hamas Received $41 Million in Crypto in Lead Up to Attack…
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In a circular released by the Capital Markets Authority of Kuwait, the regulator reaffirmed its position that Kuwait strictly prohibits the use of virtual currencies and bans mining activities within the Gulf state. The authority also emphasized the importance for businesses to inform customers about potential “risks that may arise” with dealing with crypto assets…
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Qatar needs to make some “major improvements,” on how it responds to terrorist financing, according to a global money laundering and terrorist financing watchdog. The Financial Action Task Force accused Qatar of not having enough controls and needs to better understand “more complex forms of money laundering and terrorist financing,” according to a report released…
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The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight.…
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