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Money Laundering

Judge Rejects Multimillion Dollar Asset Plea in Crypto Fraud Case

A Supreme Court judge in British Columbia (BC), Canada, has denied a motion to set aside an asset freeze, which was requested by the defendants in a multimillion dollar cryptocurrency fraud case. The defendants had filed to set aside an interim preservation order that was issued by the British Columbia Civil Forfeiture Office in order …

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Big Banks Enabled Jeffrey Epstein’s Sex Trafficking Crimes

<header class=”article__header”> </header> <strong>Unlike the unfounded narrative that cryptocurrency enables crime, big banks are more than happy to serve unsavory clients if it is lucrative enough for them. The latest example of this is a report that Jeffrey Epstein was apparently using his bank accounts to fund sex trafficking and possibly other crimes.</strong> Also Read: …

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Crypto Regulations Are Changing Worldwide to Comply With FATF Standards

<header class=”article__header”> </header> <strong>Governments worldwide are changing the way they regulate crypto assets to comply with the global cryptocurrency standards set by the Financial Action Task Force (FATF). Some are amending existing laws, while others are creating a new system to cooperate and share data.</strong> Also read: China Publishes New Rankings of 37 Crypto Projects …

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Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off Thousands Worldwide

</header> <strong>Banking giants are in trouble and it’s starting to show. Key players in the industry have already announced massive job cuts and executives with hefty salaries have been dismissed. HSBC, the largest bank in Europe, has revealed it plans to lay off over 4,000 employees and Citigroup is preparing to shrink its trading staff …

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Virgin Bitcoin — Most In-Demand Crypto That Is Regulated Differently?

In a world where the global crypto community continues to face a growing number of regulatory hurdles with each passing day, the term “virgin Bitcoin” is starting to become more common among digital currency enthusiasts. However, it is of utmost importance to clarify what this term actually means and the significance it carries.  According to …

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Roubini: BitMEX in Violation of Securities Laws, Crypto a Metastasized Cancer

Economist and anti-cryptocurrency pundit Nouriel Roubini has recently declared that there is “overwhelming evidence of rampant fraud and abuse” in the crypto space.  Roubini, a professor at NYU’s Stern School of Business, also took aim specifically at the compliance policies of crypto exchange BitMEX in an essay entitled “The Great Crypto Heist.” The essay was …

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Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels

</header> <strong>The recent seizure of a cargo ship owned by JP Morgan, a vessel loaded with 20 tons of cocaine according to latest accounts, highlighted the risks of banks’ involvement in illicit activities, inadvertent or otherwise. And although U.S. authorities released the MSC Gayane after the owner, JP Morgan’s asset management arm, and the operator, …

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Japan Has FATF Green Light to Create ‘SWIFT Network’ for Crypto: Report

Japan is said to be leading the creation of an international cryptocurrency payments network similar to banking network SWIFT. A report from Reuters on Thursday cites a source familiar with the effort as saying that the network is aimed to combat money laundering and was approved last month by the Financial Action Task Force (FATF). A …

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Canada: Crypto Exchanges Must Register With Financial Watchdog Next June

Cryptocurrency exchanges in Canada will be legally required to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) as of June 1, 2020, according to a notice published on July 10. This requirement will come into effect along with other amendments to Canada’s new anti-money-laundering (AML) laws next year. Crypto exchanges will …

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Money Laundering Scandals Bring Court Charges and Record Job Cuts to Euro Banks

</header> <strong>The international financial establishment is known to express concern about the risks of money laundering when the crypto space is mentioned. A string of scandals indicates, however, that traditional banks are not only susceptible to the phenomenon but sometimes complicit, whether knowingly or inadvertently. New chapters have been added to the saga over the …

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