UK Government Takes on Dirty Money in the Crypto Market with New Economic Crime Plan

UK Government Takes on Dirty Money in the Crypto Market with New Economic Crime Plan

From the year 2020 going forward, the United Kingdom government will attempt to make the UK very unsafe for criminal economic activities. This was disclosed in the newly-curated Economic Crime Plan that would take effect next year. Crypto, not surprisingly, is part of the plan as well. The move to partner up with both the private sector and law enforcement agencies was indeed essential as financial fraudulent acts in the UK are denting the reputation…

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US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

In a press conference on Monday, US Treasury Secretary Steven Mnuchin expressed his concerns regarding the role that Facebook’s Libra could potentially play in financing terrorism and facilitating money launderers. He even termed it a “national security issue.” Mnuchin said: “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking.” He was of the view that the folks…

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Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

With cryptocurrency came a lot of innovative developments. One of such innovations is the creation of ATM-like machines specifically for dispensing virtual currencies. These machines function like the conventional automated teller machines (ATMs). You can put in a specific amount to get the equivalent worth in crypto coins or convert the cryptocurrencies in your wallet to fiat currency and withdraw the hard cold cash. This development was highly welcomed in the crypto community, only that…

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G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

In a joint communique posted on the website of Japan’s Ministry of Finance, the G20 finance leaders have requested the Financial Stability Board (FSB) and other global regulators to monitor risks around crypto assets. Furthermore, the board also suggested a multilateral approach to regulate crypto and reaffirmed that tougher Financial Action Task Force (FATF) rules are coming. The details were revealed shortly after a G20 meeting that was held in Fukuoka, Japan. The G20 group…

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CEO of $3.8B Crypto Ponzi Scheme OneCoin, Konstantin Ignatov, Pleads Not Guilty

CEO of $3.8B Crypto Ponzi Scheme OneCoin, Konstantin Ignatov, Pleads Not Guilty

The CEO of the multi-billion-dollar crypto Ponzi scheme OneCoin, Konstantin Ignatov, has pleaded not guilty to wire fraud as per court documents. He entered the plea on May 28 preliminary hearing via a conference call. Ignatov and his sisiter Ruja Ignatov were charged with wire fraud, securities fraud and money laundering through their cryptocurrency OneCoin. The U.S. Department of Justice indicted the Bulgarian national for defrauding investors through a multinational Ponzi scheme masked by his…

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Cryptocurrency Crime Is Already at $1.2 Billion in Q1 of 2019 Alone

Cryptocurrency Crime Is Already at $1.2 Billion in Q1 of 2019 Alone

Research from CipherTrace for Q1 of 2019 shows that theft and fraudulent activity related to crypto has intensified exponentially in the first quarter of the year. In the CipherTrace 2018, Q4 Cryptocurrency Anti-Money Laundering (AML) Report it was unveiled that a spectacular amount of $1.7 billion in cryptocurrency was stolen or involved in fraudulent activity last year. While this figure seemed huge at the time, we’re now faced with $1.2 billion stolen just in the…

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Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Bitcoin and other virtual currencies have been featured extensively in the news, relating to one criminal act or the other. Being a highly sophisticated and privacy-oriented currency, money launderers and cybercriminals have turned to this new found digital currency as a hideout from suspecting eyes. While some of these swindlers demand virtual assets as a ransom or payment, others use it to fund criminal activities and terrorist groups. In the news today is a suspected…

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From the Dark Web to Crypto: Drug Dealers Plead Guilty to $2.8M Money Laundering

From the Dark Web to Crypto: Drug Dealers Plead Guilty to $2.8M Money Laundering

Manhattan District Attorney Cyrus Vance’s office has recently announced a case in which two defendants had been caught using their dark web to sell anabolic steroids and other controlled substances. Two Texas guys, Callaway Crain (35) and Mark Sanchez (35), had apparently been operating a steroid and controlled substances business that laundered around $2.8 million of dollars in crypto and Western Union payments. The development was announced by Manhattan District Attorney Cyrus Vance Jr. on…

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Violations of Anti Money Laundering Laws Earns Crypto Trader a Penalization from FinCEN

Violations of Anti Money Laundering Laws Earns Crypto Trader a Penalization from FinCEN

The Financial Crime Enforcement Network of the United States has penalized a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering laws. The regulator revealed on Thursday, April 18, that the individual named Eric Powers, a California resident and a cryptocurrency trader, failed to comply with the Bank Secrecy Act’s registration and reporting requirements during 2012-2014. Money laundering and funding criminal activities have been one of the biggest concerns regarding cryptocurrencies, cryptocurrency traders and crypto exchanges by…

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Manhattan District Attorney Busts Crypto-Run Dark Web Drug Operation

Manhattan District Attorney Busts Crypto-Run Dark Web Drug Operation

Three New Jersey men – Chester Anderson (44 years old), Jarrett Codd (41) and Ronald McCarty (51) – have been arrested for operating a fraudulent drug storefront on the dark web via cryptocurrency. The store reportedly shipped and sold hundreds of thousands of narcotic pills that include fentanyl-laced heroin, ketamine, gamma-hydroxybutyric acid (GHB), methamphetamines, Steroids, and other controlled substances and hundreds of thousands of counterfeit Xanax tablets across the US in exchange for cryptocurrencies. According…

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