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And DeFi is not the only crypto-related money laundering method on the rise: Mining pools, high-risk exchanges and mixers also received an increased amount of crypto from wallets tied to criminal activity last year. However, Chainalysis’ research suggests the largest group of crypto criminals still prefer to launder their money
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“Pretend I’m running away from police with a bag of cash, and jumping over fences, trying to evade capture… that’s not money laundering,” he said. “If Tornado Cash knows who deposited the money, and who took it out, that’s not money laundering.” Source
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The release said the suspects had opened personal accounts from May to November last year at various Hong Kong banks, including virtual banks and a cryptocurrency trading platform. They were accused of engaging in suspected money laundering by dealing with money from unknown sources through bank transfers, cash deposits and
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Authorities in Hong Kong have arrested two individuals accused of laundering about $384 million using various avenues including a cryptocurrency exchange trading platform. If convicted, the two face a maximum jail sentence of 14 years plus a fine of $5 million. An Indictable Offense Two people accused of laundering about $384 million
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The Royal United Services Institute (RUSI), the British defense and security think tank, questions whether or not non-fungible token (NFT) assets can be used for money laundering purposes. The report determines that in order to mitigate the money laundering risks a ‘know your customer’ monitoring system “needs to be implemented.” RUSI:
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Companies issuing digital assets, or providing fiat on-ramps and crypto trading services would have to notify Kazakhstan’s Ministry of Digital Development, Innovation and Aerospace Industry when they launch their services or shut them down, Sputnik said. Source
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The teenager, who was not identified for legal reasons, was arrested in August 2020 following an investigation into reports of credit card fraud and the theft of personal information to defraud a digital gift voucher company out of around £6,000 ($8,200). Source
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As well as further clarification on the definition of VASPs, the guidance explains how FATF standards apply to stablecoins, Pleyer said. He also mentioned FATF’s expectation that countries will implement standards for the so-called “Travel Rule” for cryptocurrency transactions “as soon as possible.” Source
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Mets said that the Estonian parliament, the Riigikogu, must pass the new regulations, which the FIU supports, and that if they win approval, crypto operators will have a time period to adopt them. He said that the regulations would help ensure that crypto operators are managing risks and also bolster
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Matis Mäeker, who was appointed head of Estonia’s anti-money laundering government agency, believes Estonia should scrap its current crypto regulations and start again, he said in an interview with the local news outlet Eesti Ekspress.Estonia has been known among crypto entrepreneurs as a friendly jurisdiction and getting a license there
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