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Moneyval: Malta must step up investigation and prosecution of money laundering

In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL calls on the Maltese authorities to strengthen their practical application of their measures to combat money laundering and financing of terrorism. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is… Read More

Skirting U.S. sanctions, Cubans flock to cryptocurrency to shop online, send funds

Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba. Cuba, which in many ways remains stuck in the analogue past, may seem an unlikely hotbed for cryptocurrencies – digital… Read More

New U.S. Powers Help Target Terrorist Financing, Treasury Official Says

The U.S. plans to use expanded counterterrorism powers to target foreign financial institutions that facilitate terrorist financing, leaders of terrorist groups and those participating in terrorist training over the internet, a U.S. Treasury Department senior official said. “Foreign financial institutions should be on notice that the U.S. government will fully… Read More

12th September 2019

Switzerland warns Facebook’s Libra it will face extra scrutiny

Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. The world’s largest social media network announced plans in June to launch the new currency as… Read More

11th September 2019

Global money-laundering watchdog closely monitoring Facebook’s Libra, official says

The global anti-money laundering watchdog is closely monitoring developments on Facebook’s planned Libra cryptocurrency, its new head told Reuters on Tuesday, in the latest sign of growing regulatory scrutiny of the project. The Facebook-led Libra project is mooted for launch by June next year. Regulators’ and politicians’ concerns range from… Read More

9th September 2019

EBA Chair Calls for More EU Action on Money Laundering

The European Union must either centralise its anti-money laundering (AML) and counterterrorist financing (CFT) supervision or take further “evolutionary” steps if it is to fight financial crime effectively, an official said Thursday. In remarks delivered to the Economic and Monetary Affairs Committee, European Banking Authority (EBA) Chairman Jose… Read More

5th September 2019

FATF: Hong Kong Partially Compliant on PEPs, Beneficial Ownership

The government of Hong Kong should strengthen its oversight of politically exposed persons (PEPs) and improve its beneficial ownership laws, a financial crime watchdog group said. In a mutual evaluation report published Wednesday, the Paris-based Financial Action Task Force (FATF) found the Chinese special administrative region partly compliant with… Read More

4th September 2019

FATF Dings Greece over DNFBP Compliance in Largely Positive Report

The Financial Action Task Force (FATF) on Tuesday said that Greece is compliant or largely compliant with 37 of its 40 recommendations to combat money laundering and terrorist financing. The Paris-based intergovernmental group separately deemed Greece to be substantially or moderately effective in preventing the crimes under the 11… Read More

3rd September 2019

ECB’s Mersch Says Siren of Libra Is Beguiling But Treacherous

The European Central Bank’s key legal official Yves Mersch described Facebook Inc.’s plan for its Libra digital currency as “beguiling but treacherous,” in a defense of money issued by institutions such as his. In a speech at the ECB’s legal conference in Frankfurt on Monday, Mersch argued that private… Read More

28th August 2019

Swiss Regulator Promises Scrutiny of Blockchain Companies

Switzerland’s financial regulator issued guidance on the money-laundering risks associated with blockchain technology following a call to action by a global standard-setter this year. The guidance, released Monday by the Swiss Financial Market Supervisory Authority, also known as Finma, steered blockchain businesses toward compliance with Switzerland’s existing anti-money-laundering and… Read More

28th August 2019

Telegram Pushes Ahead With Plans for ‘Gram’ Cryptocurrency

While Facebook’s big cryptocurrency plans have hit a wall with regulators, another big social network, Telegram, is charging ahead with its own digital currency. Telegram has told investors that it is planning to send out the first batches of its coin, the Gram, within the next… Read More

26th August 2019

U.S. lawmaker says still concerned about Facebook cryptocurrency after Swiss meetings

The chair of the U.S. House Financial Services Committee said on Sunday she remained concerned about Facebook’s plans for a digital currency after meeting the government officials in Switzerland that Facebook has said will regulate it. “While I appreciate the time that the Swiss government officials took to meet with… Read More

19th August 2019

Terrorists Turn to Bitcoin for Funding, and They’re Learning Fast

Hamas, the militant Palestinian group, has been designated a terrorist organization by Western governments and some others and has been locked out of the traditional financial system. But this year its military wing has developed an increasingly sophisticated campaign to raise money using Bitcoin. In the latest version of the… Read More

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Moneyval: Malta must step up investigation and prosecution of money laundering

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