Europol Report highlights increased global cybercriminality, threats with NFC and Blockchain payments

Europol released its 2016 Internet Organized Crime Threat Assessment Report on cybercrime today and the results are more disturbing than last years’ report. The Report can be accessed here. Generally, the Report findings were that the volume and scope of cybercrime has reached very high levels and now surpasses regular non-online crimes. The Report made [...]

Sanctions world first ~ US imposes sanctions against North Koreans for private sector and over cyberhack incident

Economic sanctions ordered Today, the US announced it is imposing economic sanctions against certain individuals  and entities in North Korea over the Sony cyberhack. The so-called Sony sanctions appears to represent the first time in history that sanctions have been imposed (a) solely in response for, or over a, private sector dispute / issue; and [...]

ISIS puts terrorist financing back on global political agenda and financial institutions can expect significant scrutiny and fines for non-compliance

“Money is the oxygen of terrorism” Colin Powell, Former Secretary of State. The recent ISIS actions in Syria and Iraq have put counter-terrorist financing back at the top of the global political agenda. The key issue at the Paris “International Conference on Peace and Security in Iraq” today was terrorist financing – how the ISIS [...]

Canada announces regulation of bitcoin, digital currencies and Internet gambling sites under anti-money laundering laws

Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed legislation [...]

SEC crowdfunding rules include anti-money laundering and financial crime requirements while Canadian regulators lag behind on issuing rules

After more than a year, the U.S. Securities and Exchange Commission has released draft crowdfunding equity rules (the “Rules“) for comment under the U.S. Jumpstart Our Business Startups Act (the “JOBS Act“). The JOBS Act was brought into force in 2012 in an effort to facilitate the injection of capital in growing companies and start-ups. With respect to crowdfunding, its objective was [...]