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New US Congress Bill: FinCEN to Examine Blockchain Utilization

Posted on September 26, 2019September 26, 2019 by Rehan Yousaf

US Congress has passed this week the “Advancing Innovation to Assist Law Enforcement Act.” The Act is requiring the financial crime watchdog, Financial Crimes Enforcement Network (FinCEN), to study the use of blockchain technology in the digital world. More specifically, the director of FinCEN has been directed to conduct a thorough study on the implementation and use of blockchain technology in order to improve the existing safeguarding mechanisms for the prevention of financial crimes. The…

UK’s Albanian and Balkan Gangs Use Cryptocurrencies for Money Laundering

Posted on September 23, 2019September 23, 2019 by Ravi Rd

The Albanian mafia in the UK is now leveraging cryptocurrencies for the criminal purpose of a money laundering operation, which has forced Britain’s police to look for new ways to deal with them. The Albanian gang possesses the lion’s share in the UK’s cocaine market which is currently valued at £5bn ($6.23bn) annually. According to Britain’s leading organized crime officer, Peter Goodman, the Albanian criminal network has been growing significantly sophisticated and begun to use…

Australian Authorities Arrested 21-Year-Old for Crypto Fraud and Money Laundering

Posted on September 20, 2019September 20, 2019 by Ravi Rd

The Australian Securities and Investments Commission (ASIC) and the Australian Federal Police (AFP) arrested a 21-year-old Melbourne-based woman for her association in a crypto fraud and identity theft operation run by a group of scammers. If found guilty, she will be charged with a wide range of criminal offenses. The fraudsters reportedly created fake identities to steal the funds from retirement accounts and share trading accounts of unsuspecting individuals. The group used digital coins in…

Crypto Exchange and ATM Operator Admits to Money Laundering of $25 Million

Posted on August 27, 2019August 27, 2019 by Julie Williams

According to a report from the U.S. Attorney’s Office for the Central District of California, the crypto exchange and ATM operator Kunal ‘Kumar’ Kalra – also known as ‘coinman’ and ‘shecklemayne’ – recently pleaded guilty to four counts of federal criminal charges. The 25-year old Kalra has confessed that he has been running quite a dubious business for a while now. Besides running an unregistered Bitcoin exchange, Kalra has been in the metaphorical bed with…

US Treasury Blacklists Bitcoin Addresses Affiliated with Chinese Drug Lords

Posted on August 25, 2019August 25, 2019 by Ravi Rd

Three Chinese nationalists have been charged under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Treasury’s Financial Crimes Enforcement Network (FinCEN). The accused were using cryptocurrencies for money laundering. According to the allegations, the three manufactured and distributed “synthetic opioids or their precursor chemicals.” The department announced strong legal actions against the three for manufacturing, selling, and distributing these substances illegally….

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

Posted on July 17, 2019July 17, 2019 by Julie Williams

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…

US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

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

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…

Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

Posted on July 15, 2019July 15, 2019 by Julie Williams

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…

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

Posted on June 11, 2019June 11, 2019 by Rehan Yousaf

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…

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

Posted on June 10, 2019June 10, 2019 by Rehan Yousaf

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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