21st July 2016
When a top executive at HSBC Holdings PLC was told a client had approved a huge currency exchange that stood to enrich the bank by millions, federal prosecutors say he couldn’t believe his luck. “Ohhhh, f — ing Christmas,” replied Mark Johnson, the bank’s global head of foreign-exchange cash trading,… Read More
14th July 2016
The European Commission published a new directive draft last week proposing to extend strict anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. Intended to counter “money launderers, tax evaders, terrorists, fraudsters and other criminals,” the directive could mean that many Bitcoin companies in the… Read More
7th July 2016
The European commission said yesterday (July 5) that it was proposing strict new rules for companies that exchange or store digital currencies such as bitcoin. The European Union’s executive arm wants to make exchanges and storage services comply with the anti-money-laundering rules that govern banks and other financial institutions. Read More
5th July 2016
The European Central Bank unveiled a new 50 euro banknote on Tuesday to replace its most widely counterfeited bill and reaffirm its commitment to the use of cash. The new bill will go into circulation in April 2017 with vending, ticketing and other machines accepting it from day one. Each… Read More
5th July 2016
Bitcoin was created to revolutionize the way we pay for things. The decentralized control, quick payment processing and blockchain technology Bitcoin championed was intended to disrupt the status quo in payments. The Bitcoin platform was released in 2009, and was created to give the power of payments to the people using… Read More
30th June 2016
Crypto-currencies like bitcoin that facilitate anonymous, untraceable online financial transactions will have to be regulated to stop terrorists, drug dealers and online criminal gangs taking advantage of them, a top Justice Department official said. “Just as we did with currency … we put in different regulations and reporting requirements that made it… Read More
29th June 2016
Whether bitcoin is actual currency is at the forefront of a first-of-its-kind money-laundering case in Florida to be decided Friday. In February 2014, Michel Espinoza was arrested in a Miami Beach motel for agreeing to sell $30,000 worth of bitcoin to an undercover police officer he had met on an… Read More
29th June 2016
A new report from the US Congressional Research Service details the importance of trade-based money laundering for criminal networks in Latin America and outlines some of the ways the region’s governments are attempting to combat illicit financial flows. The CRS report describes trade-based money laundering, or TBML, as “among… Read More
Against a backdrop of big changes to U.S. sanctions in respect of both Iran and Cuba, A. Katherine Toomey, Cristian Francos and Aaron T. Wolfson of Lewis Baach PLLC explain how to access funds which had been frozen - until now Read More