money laundering - AllStocks Network

UK’s Regulator FCA to Monitor Money Laundering and Terrorism Finance via Crypto

Posted on January 14, 2020January 14, 2020 by Rehan Yousaf

The UK’s Financial Conduct Authority (FCA) now supervises companies and business working with crypto for anti-money laundering (AML) and counter terrorism finance (CTF) compliance. In an announcement released on January 10th, the financial regulator said that it will supervise whether businesses dealing with cryptocurrencies and blockchain in the UK are complying with the relevant rules and regulations to curb money laundering and terrorism finance efforts. The FCA also put forth a list of requirements for…

New York Court Grants Continuance in OneCoin-Connected David Pike’s Case

Posted on December 23, 2019December 23, 2019 by Julie Williams

The New York Southern District Court determined that the lawsuit against David Pike, who is connected to the crypto Ponzi scam OneCoin, would go on according to a recent court order. The latest court order from the New York District Court reveals that there is an ongoing discussion regarding the potential for a pre-indictment disposition for David Pike. Therefore, the court is granting the case a continuance up until the 12th day of January 2020….

CFTC Chair Tarbert Lists Two Crypto Problems: Money Laundering & Terrorist Funding

Posted on December 17, 2019December 17, 2019 by Rehan Yousaf

Chairman of the United States Commodity Futures Trading Commission (CFTC), Heath Tarbert, recently discussed crypto at Harvard Kennedy School as part of a series of lectures that revolved around financial regulations. Tarbert talked about the agency and its stance on cryptocurrency, and how the CFTC team is still processing the information about this emerging space and figuring out two major issues of the industry. He said that the two main setbacks with the majority of…

US Citizen Accused of Helping North Korea to Evade Sanctions with Crypto

Posted on December 2, 2019December 2, 2019 by Rehan Yousaf

Virgil Griffith, a US citizen and a programmer, has been accused of violating International Emergency Economic Powers Act (“IEEPA”). The accusation comes after Virgil allegedly traveled to North Korea to deliver a presentation about how the country can use cryptocurrency and blockchain technology to move around all the sanctions that have been imposed on the country. He was arrested in LA International Airport. The US Attorney for the Southern District of New York, Geoffrey S….

Joint US-New Zealand Operation Confiscates $6.7M in Crypto of Movie Piracy Scheme

Posted on November 24, 2019November 24, 2019 by Rehan Yousaf

The Criminal Proceeds Recovery Act, which was legislated in 2009 in New Zealand, has resurfaced in the news recently as the country’s authorities have been relying on it in an international operation with a crypto twist. As part of a joint operation, in the United States, the police has seized an estimated $6.7 million in cryptocurrency and $1.1 million in bank funds from a man after months of investigations of online movie piracy. Jaron David…

Featured: The Connection Between Cryptocurrency and Money Laundering

Posted on November 20, 2019November 20, 2019 by Lipsa Das

In recent years, cryptocurrency has become one of the most important components of the global financial system, as it can be considered as a significant form of personal wealth. Many businesses that have emerged over the past decade are involved with cryptocurrency trading and development. Though the use cases of cryptocurrency for illegal purposes are much less compared to legitimate transactions, crypto crime cannot be ignored. As per recent academic analysis, in 2019 only $829…

The UN: North Korea Laundered Money via Hong Kong-Based Blockchain Company

Posted on November 7, 2019November 7, 2019 by Ravi Rd

The United Nations is accusing North Korea of using a blockchain firm in Hong Kong to carry out money laundering schemes and other illicit activities. The English version of the Korean news outlet Chosun reported that the UN Security Council’s Sanctions Committee has initiate the investigation on North Korea regarding the issue. North Korea has a proven history of cyber attacks and home-grown hackers. The country has about 200 groups of hackers overseas and the…

Attorney of OneCoin Ponzi Scheme Stands Trial for $400M Money Laundering

Posted on November 7, 2019November 7, 2019 by Rehan Yousaf

Mark Scott, lawyer of the OneCoin cryptocurrency Ponzi scheme, undergoes trial for laundering $400 million out of the U.S. For those who do not know what OneCoin exactly is, it was perhaps one of the biggest scams in cryptocurrency’s short history. Konstantin Ignatov and Ruja Ignatova were behind this international pyramid scheme. Ruja was charged by prosecutes in the U.S. with money laundering, wire fraud and securities fraud; she thereafter vanished from the public eye,…

Crypto Irony? Bitfinex Claims It Is “the Victim of a Fraud” by Crypto Capital

Posted on October 28, 2019October 28, 2019 by Julie Williams

In an effort to set the records straight, the controversial crypto exchange Bitfinex released a statement on Friday, attempting to disengage itself from the Crypto Capital money laundering saga. The Hong Kong-based cryptocurrency firm made it crystal clear that it is, in fact, a victim of the money laundering case. This is in contrast to what the public thought earlier (and some might still believe). Backtrack a little to last week, the police scored yet…

Prosecution to Call Bank of Ireland Members in OneCoin Money Laundering Case

Posted on October 3, 2019October 3, 2019 by Rehan Yousaf

Several individuals are facing criminal proceedings launched against them for participating in the fraudulent digital currency scheme of OneCoin. Konstantin Ignatov, Ruja Ignatova and Mark Scott, continue to face these proceedings at the New York Southern District Court. The whole crypto Ponzi scheme is estimated to be worth billions of dollars and so far the investigating bodies have identified dozens of people who assisted or operated the fraud in a bid to capture millions of…

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