Money Laundering News

Every government in the world is afraid of the relative anonymity of virtual money. The explanation of that is that a government’s financial organs can’t find a viable path to minimize the risks related to the financing of terrorism and cryptocurrency money laundering. But the truth is that Bitcoin money laundering is not widespread. For instance, less than 1% of transactions between 2013 and 2016 were with cryptocurrencies of illegal origin while 2-5% of worldwide GDP is laundered annually. Due to the character of a public blockchain and the need to transfer virtual money to fiat, Bitcoins can indeed be controlled much easier. Therefore, cryptocurrency money laundering is a really complex process where even absolute anonymity is not a key to success.

Suspect in Thai Bitcoin Scam Unable to Return to Thailand Due to Passport Revocation

OCT 11, 2018 | by Helen Partz

The Foreign Ministry of Thailand has invalidated the passport of an alleged Bitcoin scammer, rendering him unable to return to his home country for prosecution.

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Government Tracking of Crypto Is Growing, But There Are Ways to Avoid It

OCT 07, 2018 | by Simon Chandler

More governments are tracking crypto, but ways to stay anonymous remain.

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South Korea’s Democratic Party Lawmaker Urges Authorities to ‘Open Up the Road’ to ICOs

OCT 02, 2018 | by Helen Partz

South Korea’s Democratic Party lawmaker urges the state to “open up the road” to ICOs by easing regulations.

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US House Passes Bill for Task Force to Combat Crypto Use by Terrorists

SEP 28, 2018 | by Helen Partz

The U.S. House of Representatives has passed a bill that would establish a task force to combat terrorist use of cryptocurrencies.

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North Korea ‘Increasingly’ Uses Crypto to Avoid US Sanctions, Experts Claim

SEP 26, 2018 | by Ana Berman

Washington-based financial experts allege that North Korea hires people with access to E.U. cryptocurrency wallets to launder and exchange crypto into fiat mone...

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IMF Urges Marshall Islands to Reconsider Adopting Digital Currency as Second Legal Tender

SEP 11, 2018 | by Helen Partz

The IMF has warned the Marshall Islands about the risks of adopting a digital currency as a second legal tender, urging it to “seriously reconsider.”

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India: Former Legislator Remanded in Custody in Connection With Bitcoin Extortion Case

SEP 11, 2018 | by Ana Alexandre

Former Indian politician Nalin Kotadiya has been remanded in custody for his alleged involvement in a 200 BTC extortion case.

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South Korean Official Proposes Greater Cooperation for Global Crypto Regulation

SEP 08, 2018 | by Ana Berman

An official from South Korea’s Financial Supervisory Service (FSS) has urged for international cooperation between regulators on crypto.

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Greek Supreme Court Rules to Extradite Alleged BTC-e Owner Alexander Vinnik to Russia

SEP 04, 2018 | by Ana Berman

Greek’s Supreme Court has ruled in favor of Russia for alleged BTC-e owner’s extradition, but the final decision will be taken Greece’s Minister of Justice.

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France’s Interrogation of Alleged BTC-e Owner Alexander Vinnik Was ‘Fake’, Says Attorney

AUG 30, 2018 | by Ana Berman

Legal battle for alleged ex-owner of crypto platform BTC-e’s extradition continues as France attempts to question him in Greece.

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New Extradition Request Complicates Case of Bitcoin Fraud Suspect Alexander Vinnik

JUL 31, 2018 | by Ana Alexandre

A Greek court has accepted a Russian request to extradite Alexander Vinnik, complicating his case as France and the U.S. also vie for his extradition.

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Meet DOJ’s Crypto Czar: Expert Take

JUL 23, 2018 | by Selva Ozelli

How does Michele R.Korver daily routine looks like.

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Greek Court Rules to Extradite Alexander Vinnik, Accused of Laundering $4 Bln in Bitcoin

JUL 14, 2018 | by Helen Partz

Greek court rules to extradite Russian national Alexander “Mr. Bitcoin” Vinnik to France on charges of fraud and money laundering.

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India: Senior Opposition Member Demands Probe Into ‘Mega Bitcoin Scam’

JUL 06, 2018 | by Helen Partz

A member of the Indian National Congress has demanded a probe into a supposed “mega Bitcoin scam” involving majority officials.

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Five Nations Launch Tax Enforcement Alliance to Tackle Crypto, Cybercrime 'Threat'

JUL 03, 2018 | by Marie Huillet

The U.S. IRS has formed a new international taskforce comprising tax enforcement agencies from five countries to tackle crypto-enabled crimes.

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Bitcoin Laundering Less Than One Percent of All Transactions

JAN 21, 2018 | by Jon Buck

Recent reports indicate that less than one percent of Bitcoin transactions involve money laundering or illicit activities.

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Drug Rings Use ATMs to Launder Money, Bitcoin Not Involved

AUG 04, 2017 | by Jacob J

Austrac, Australia’s financial crime control agency, has alleged that the Commonwealth Bank of Australia had delayed or failed to report more than 50,000 cases ...

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US ISIS Supporter Caught Sending $150k In Laundered Crypto To Syria

DEC 15, 2017 | by William Suberg

US woman caught attempting to send $150,000 in cryptocurrency to ISIS. She was charged with bank fraud and money laundering.

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EU Looking to Protect Banks from Bitcoin: Former MI5 Agent

DEC 19, 2017 | by Gareth Jenkinson

The European Union’s plans to tighten up cryptocurrency regulation is in the interest of big banks, according to a former MI5 officer.

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New US Bill Seeks To Fight Terrorist Use of Cryptocurrencies

JAN 17, 2018 | by Molly Jane Zuckerman

New US bill calls for the creation of a task force to reward people with information that leads to arrests in cases of cryptocurrency-funded terrorism.

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EU Amends AML Laws for Cryptotrading as US Ponders: Expert Blog

JAN 06, 2018 | by Selva Ozelli

Blame Mexican drug dealers when you have to report your crypto trades to regulators.

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Bitcoin Low Risk For Money Laundering, High For Cybercrime: UK Treasury

OCT 29, 2017 | by Jon Buck

Cryptocurrency poses low risk for laundering, high risk for cybercrime per a new UK Treasury report

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Illicit Uses of Cryptocurrency Gaining Attention Around the World: Expert Take

FEB 20, 2018 | by Selva Ozelli

Financial investigators of over 30 nations discussed how to combat the misuse of cryptocurrencies by criminals

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BitPay Payment Processor Begins Enforcing Ban On Prohibited Activities On Its Platform

FEB 26, 2018 | by Molly Jane Zuckerman

Payment processor BitPay has started enforcing the ban on “prohibited activities” on its platform, including explicit content, narcotics and weapons sales.

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JPMorgan Guilty of Money Laundering, Tried To Hide Swiss Regulator Judgement

NOV 17, 2017 | by William Suberg

JPMorgan in Switzerland has gained more negative press for its money laundering which it tried to hide from the public.

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Irish Bitcoin Broker Claims Country’s Banks Are Closing Crypto-Related Accounts

JUN 22, 2018 | by Helen Partz

The owner of a leading Irish Bitcoin broker has accused banking institutions of discriminating against crypto-related businesses.

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Austrian Finance Minister Considers Pan-EU Crypto Regulation Based On Rules For Gold

FEB 24, 2018 | by Molly Jane Zuckerman

Austrian Finance Minister Hartwig Löger is considering crypto regulations, based on the trading rules for gold and derivatives to prevent money laundering in cr...

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Japan: Only 0.16% Of 2017 Money Laundering Reports Came From Crypto Exchanges

FEB 23, 2018 | by William Suberg

Japanese cryptocurrency exchanges reported 669 suspected money laundering cases in 2017 — compared to 347,000 from banks.

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South Korean Official Proposes Greater Cooperation for Global Crypto Regulation

SEP 08, 2018 | by Ana Berman

An official from South Korea’s Financial Supervisory Service (FSS) has urged for international cooperation between regulators on crypto.

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Hollywood Actors Set to Star in Crypto-Themed Blockbuster

JUN 15, 2018 | by William Suberg

Well-known Hollywood actors will join forces in a new move about cryptocurrency money laundering later this year.

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EU Looking to Protect Banks from Bitcoin: Former MI5 Agent

DEC 19, 2017 | by Gareth Jenkinson

The European Union’s plans to tighten up cryptocurrency regulation is in the interest of big banks, according to a former MI5 officer.

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Bitcoin Laundering Less Than One Percent of All Transactions

JAN 21, 2018 | by Jon Buck

Recent reports indicate that less than one percent of Bitcoin transactions involve money laundering or illicit activities.

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BlackRock CEO Larry Fink: Bitcoin For Money Launderers Only

OCT 14, 2017 | by Jon Buck

Larry Fink of BlackRock says that Bitcoin’s sole purpose is money laundering.

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If True Value of Cryptocurrency Is Freedom, Why Do We Need to Regulate It?

AUG 01, 2017 | by Guest Author

Regardless of how you see the future of cryptocurrencies, one thing that needs to be addressed urgently is ensuring compliance with national laws.

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US ISIS Supporter Caught Sending $150k In Laundered Crypto To Syria

DEC 15, 2017 | by William Suberg

US woman caught attempting to send $150,000 in cryptocurrency to ISIS. She was charged with bank fraud and money laundering.

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Irony of Ironies as Mark Karpeles Could Profit $1 Bln from Mt. Gox

NOV 11, 2017 | by Jon Buck

Former MtGox CEO Mark Karpeles stands to make $1 bln in bankruptcy settlement.

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EU Amends AML Laws for Cryptotrading as US Ponders: Expert Blog

JAN 06, 2018 | by Selva Ozelli

Blame Mexican drug dealers when you have to report your crypto trades to regulators.

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Hollywood Actors Set to Star in Crypto-Themed Blockbuster

JUN 15, 2018 | by William Suberg

Well-known Hollywood actors will join forces in a new move about cryptocurrency money laundering later this year.

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BitPay Payment Processor Begins Enforcing Ban On Prohibited Activities On Its Platform

FEB 26, 2018 | by Molly Jane Zuckerman

Payment processor BitPay has started enforcing the ban on “prohibited activities” on its platform, including explicit content, narcotics and weapons sales.

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New US Bill Seeks To Fight Terrorist Use of Cryptocurrencies

JAN 17, 2018 | by Molly Jane Zuckerman

New US bill calls for the creation of a task force to reward people with information that leads to arrests in cases of cryptocurrency-funded terrorism.

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What Risks Investors and Authorities See in ICOs

SEP 11, 2017 | by Darryn Pollock

What risks ICOs pose for authorities and investors?

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Illicit Uses of Cryptocurrency Gaining Attention Around the World: Expert Take

FEB 20, 2018 | by Selva Ozelli

Financial investigators of over 30 nations discussed how to combat the misuse of cryptocurrencies by criminals

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JPMorgan Guilty of Money Laundering, Tried To Hide Swiss Regulator Judgement

NOV 17, 2017 | by William Suberg

JPMorgan in Switzerland has gained more negative press for its money laundering which it tried to hide from the public.

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Italian Senator Claims Mafia Uses Bitcoin for Gambling, Money Laundering

FEB 27, 2017 | by Amelia Tomasicchio

With the mafia possibly using Bitcoin for its purposes, Italy might be ready for Bitcoin regulation.

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Greek Court Rules to Extradite Alexander Vinnik, Accused of Laundering $4 Bln in Bitcoin

JUL 14, 2018 | by Helen Partz

Greek court rules to extradite Russian national Alexander “Mr. Bitcoin” Vinnik to France on charges of fraud and money laundering.

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