Granny did it –> millions allegedly seized from banks, PayPal and in Bitcoin & IOTA in European drug bust

According to a statement by Europol, police in Austria and Spain seized €4.5 million in Bitcoin and IOTA as part of a bust of a transnational criminal organization that manufactured and trafficked LSD and laundered the proceeds of crime. The story is a little weird. How the police seized the digital currencies is unknown but [...]

35 darknet drug traffickers arrested in the US; $20 million in Bitcoin seized

Over 35 people were arrested in a US-wide sweep by the US DOJ, DEA, US Secret Service, ICE, HSI and the FBI agents for selling illegal drugs over the darknet and laundering the proceeds of crime using, inter alia, Bitcoin. The operation involved agents posing as digital currency exchanges to obtain personal information of drug [...]

2017 Worldwide threat assessment – the rule of law is at risk

The Office of the Director of National Intelligence released its annual Worldwide Threat Assessment on May 11, 2017, from the US Intelligence Community and compared to last year, there are many more international threats to world security. The Threat Assessment from the US is a summary of all of the threats facing the US, and [...]

Lead DEA & Secret Service Agents in Silk Road investigation arrested for stealing $1 million in Bitcoin

Two lead US government agents in Silk Road investigation arrested for allegedly stealing over $1 million of Bitcoin from Silk Road during the investigation Two former government agents involved in the Silk Road murder and extortion investigations in Baltimore, Carl Force and Shaun Bridges, were arrested and charged with corruption, money laundering, wire fraud and [...]

Jackpot or not? Report says online gambling sites and Bitcoin facilitate money laundering but the Report has inaccuracies

Report incorrectly alleges that online gambling sites and Bitcoin facilitate money laundering by Christine Duhaime, BA, JD, Certified Financial Crime and Anti-Money Laundering Law Specialist Follow @cduhaime According to a report released by McAfee Labs, available here entitled “Jackpot! Money Laundering Through Online Gambling,” the global online gambling sector appears to be rife with money laundering [...]

US Treasury Undersecretary for Terrorism Discusses Banks, Bitcoin, AML & Sanctions

US Treasury Undersecretary for Terrorism on Bitcoin, Banks, AML and Regulation The US Treasury Undersecretary for Terrorism and Financial Intelligence, David S. Cohen, discussed the risks of digital currencies and Bitcoin in a Bloomberg talk in New York City today. Mr. Cohen said the regulation of Bitcoin coming down the pipe may require financial transparency [...]

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 [...]

Two arrested, including one Canadian, in the 1st state bitcoin prosecution in Florida over alleged money laundering

In another first for bitcoin, the Miami Beach Police today arrested two men for alleged money laundering involving bitcoin. And one of them is Canadian. According to police, undercover officers and special agents from the Miami Electronic Crimes Task Force posed as bitcoins buyers and contacted various bitcoin sellers on the website “localbitcoins.com” specifically requesting assistance to [...]

Marijuana brownies & the “smell of money laundering” – email evidence leads to arrest of bitcoin guru over money laundering charges

One of bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The Criminal Complaint was filed by U.S. Attorney for the Southern District of New York, [...]

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 [...]