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U.S. Treasury’s Financial Crimes Unit Shuffles Leadership

The U.S. Treasury Department’s anti-money-laundering unit is changing leadership as it prepares to enact a sweeping new financial transparency law. Kenneth Blanco, a former federal prosecutor who has served as the Financial Crimes Enforcement Network’s director since late 2017, will depart on April 9, the Treasury unit said. Michael Mosier,… Read More

Casinos Concerned as Macau Eyes Digital Currency for Financial Crime Fight

Macau has moved a step closer to the potential introduction of a digital currency as it seeks to better combat money laundering and tax evasion in the world’s biggest gambling hub. The government plans to amend laws to regulate the issuance of a virtual legal tender, Chief Executive Ho Iat… Read More

Investors target booming digital art market despite ‘heist’ fears

Last month much of the traditional art world had not heard of Mike Winkelmann. Then the digital artist sold a piece that only exists online for £50 million at a Christie’s auction. Beeple, as he is professionally known, is now the third most expensive living artist in terms of auction… Read More

8th April 2021

Bitcoin Cryptocurrency Adds to Venezuela Money Laundering Risk

Venezuela is increasingly turning to the cryptocurrency Bitcoin, raising questions about its possible use in laundering money and evading US sanctions, not unlike the way Venezuela already uses the gold trade. In February, a new kind of cash machine appeared in Caracas – one that allows… Read More

7th April 2021

BitMEX’s CEO surrenders in Hawaii, released on $10M bond

Former BitMEX CEO Arthur Hayes surrendered to United States authorities in Hawaii on Tuesday, six months after federal prosecutors first levied charges against him and three fellow BitMEX executives. In a statement, Hayes’ lawyers described the Singapore resident as “a self-made entrepreneur who has been wrongly… Read More

6th April 2021

Singapore Warns Public Against Crypto as World Warms to Bitcoin

Singapore once again warned the public about the risks of trading cryptocurrencies like Bitcoin, a market that while relatively small in the city-state has surged in significance over the past year. “Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals,” Tharman Shanmugaratnam, the… Read More

5th April 2021

Former SEC Chairman Jay Clayton Warns of New Bitcoin Regulations

In an interview with CNBC Squawk Box posted Thursday, Clayton said bitcoin had the status as a non-security at the SEC but this does not mean it should not be regulated. “Where digital assets land at the end of the day will… Read More

5th April 2021

Central Bank ‘Money Drops’ With Digital Currencies Could Fuel Inflation: Bank of America

Central bank digital currencies (CBDCs) could potentially facilitate powerful, directed “money drops” and raise inflation expectations, according to a March 31 report by Bank of America. “CBDCs could boost the future transmission of monetary and fiscal stimulus,” the bank’s analysts wrote. While the report doesn’t mention bitcoin (BTC), the analysis… Read More

1st April 2021

UK Crypto Companies Now Have to Submit Financial Crime Reports

The UK Financial Conduct Authority (FCA) published a new policy statement Wednesday that includes crypto companies on the list of businesses required to submit a financial crime report. Businesses that are required to submit financial crime reporting are referred to by the FCA as “REP-CRIM”, which crypto asset… Read More

31st March 2021

Digital euro could take four years, says ECB president Christine Lagarde

It could be a while before European Union gets a central bank digital currency, if it gets one at all. In a Wednesday interview with Bloomberg Television, European Central Bank President Christine Lagarde laid out the complex decision-making process with which the bank will determine the… Read More

31st March 2021

FATF’s New Guidance Takes Aim at DeFi

The narrative The Financial Action Task Force (FATF), the inter-governmental watchdog that establishes standards for anti-money laundering (AML) and know-your-customer (KYC) requirements, has published new draft guidance for decentralized platforms. Why it matters FATF made headlines two years ago when it proposed – and then finalized… Read More

30th March 2021

UK to Focus Regulation on Stablecoins Rather Than Crypto in General

Britain will focus first on regulating stablecoins rather than the broader cryptocurrency market, its financial services minister said on Tuesday, citing the threat to competition should any major private effort dominate the emerging field. Facebook Inc’s move in 2019 to introduce its own stablecoin Diem, then known as Libra, raised… Read More

30th March 2021

Visa moves to allow payment settlements using cryptocurrency

Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry. The company told Reuters it had launched the pilot program with payment and crypto… Read More

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Former Mexican senator hit with criminal charges tied to energy reform

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Ecuador detains comptroller, ex-minister in Petroecuador probe