Australian Man Charged With Laundering $4.3 Million Into Bitcoin

Australian Authorities have charged a Sydney man for alleged money laundering activities. This also marks the second high-profile money laundering arrest by the Police in recent months.  $4.3 million Laundered In Bitcoin Australian local news outlet the Australian Financial Review reported the news on Monday, February 22, 2021. According to the report, the New South Wales Police arrested a citizen named Yi Zhong on Monday. Zhong was arrested after police officers stopped his car in a Sydney suburb for a…

Finbold 2020 Report Shows Banks Were Fined $14 Bn Due to Irregularities

A recently released report by Finbold showed a tally of banks and countries served with fines due to breaching money laundering regulations and leaking private data. The compilation is arranged from the highest-fined to the lowest. The USA has 12 banks fined, standing as the largest number in the tally by far as China followed it with 7.  More Details on the Report Finbold's report further stated that the banks' faults varied, including not following Anti-Money Laundering protocols (AML), sharing…

NZ Police Freezes Money Linked To Alleged Bitcoin Launderer Alexander Vinnik

Alexander Vinnik was arrested in Greece on an extradition order from the U.S. as prosecutors said he allegedly controlled a Bitcoin exchange that laundered billions of dollars for criminal networks. After his arrest in 2017, he was extradited to France where he is still in custody. He was said to have allegedly laundered 300,000 Bitcoin (about $4 billion) within six years through BTC-e, one of the largest cryptocurrency exchanges in the world at the time. Further, he was accused of facilitating money…

The UK Adopts the 5AMLD Guidelines to Prevent Cryptocurrency Risks

The finance and the economics department of the UK recently strengthened measures to curb the risks associated with cryptocurrencies. Therese Chambers, the Director of Retail and Regulatory Investigations, revealed the new regulations in a speech on the 6th of March 2020. Chambers noted that the UK’s Financial Conduct Authority (FCA) is the official overseer of the Anti-Money Laundering for some crypto objectives, as per the new Money Laundering Regulations (MLR). Chambers Speech on Cryptocurrency Regulations Chambers noted that the UK’s…

Two Dutch-Nationals Arrested Pending Charges for Apparent Multi-Euro Money Laundering

Two men were apprehended by Dutch tax enforcers with the Netherlands’ Fiscal Intelligence and Investigation Services (FIOD). Their arrest was due to alleged laundering involving cryptocurrencies worth millions of Euros. The development was revealed in a joint statement by the Joint Chiefs of Global Tax Enforcement (J5). FIOD arrested them on the basis of separate cryptocurrency tax evasion investigations, and the agency was able to recover almost 260k in unmentioned cryptocurrencies as well as over 6.6 pounds of gold. Some…

The Central Bank of Russia Considers Crypto Transactions Prone to Money Laundering

On February 17, Russian finance published a report noting that the Central Bank of Russia created new guidelines to curb suspicious crypto transactions.  According to these new rules, all crypto transactions are deemed as a potential money laundering risk. This new set of rules, which comes to update directive 375-P, notes some possible signals that will prove some suspicious money laundering associated activities. This update comes long after the 2012 release of the initial set of rules.  These new rules…

UK’s FCA Announces Job Opportunity for A Crypto Professional to Contribute in EU Regulations

The UK’s Financial Conduct Authority, FCA, wants to employ a cryptocurrency enlightened person. The institution announced the job opening on the 6th of February on LinkedIn. The FCA needs an intelligent associate skilled in cryptocurrency to deal with digital assets within the context of the EU’s fifth Anti-Money Laundering Directive, 5AMLD. The 5AMLD became effective on the 10th of January and deals with money laundering and terrorism financing in Europe. On the 31st of January, the UK exited the EU;…

Breakdown of Money Laundering in Traditional Banking and Digital Currency

Laundering‌ ‌money‌ ‌through‌ ‌traditional‌ ‌banking‌ ‌systems‌ ‌has‌ ‌become ‌a‌ ‌common‌ ‌practice‌ ‌over‌ ‌the‌ ‌years.‌ ‌A‌ ‌report‌ ‌released‌ ‌by‌ ‌the‌ ‌United‌ ‌Nations‌ ‌office‌ ‌on‌ ‌drugs‌ ‌and‌ ‌crime ‌gives‌ an ‌account‌ ‌of‌ ‌unlawful‌ ‌bank‌ ‌transactions‌ ‌valued‌ ‌in‌ ‌trillions‌ ‌being‌ ‌carried‌ ‌out‌ ‌through‌ ‌the‌ ‌networks‌ ‌of‌ ‌traditional‌ ‌banks‌ ‌in‌ ‌a‌ ‌year.‌ ‌ However‌, when‌ ‌it‌ ‌comes‌ ‌to‌ ‌‌Bitcoin‌,‌ ‌there‌ ‌is‌ ‌a‌ ‌general‌ ‌belief‌ ‌that‌ ‌it‌ ‌is‌ ‌the‌ ‌preferred‌ ‌platform‌ ‌for‌ ‌criminals‌ ‌and‌ ‌con‌ ‌artists‌ ‌to‌ ‌carry‌ ‌out‌ ‌illicit‌ ‌transactions.‌ Even so, the number…