Backpage.com CEO & shareholders criminally charged with money laundering

Tweet CEO & Shareholders Charged The Attorney General of California announced today that her office has filed new criminal charges against the CEO of Backpage.com and two of its controlling shareholders, charging them with 26 counts of money laundering and 13 counts of pimping children out for prostitution in connection with the website Backpage.com. According […]

US-Canada drug enforcement plans to disrupt drug imports from British Columbia, scrutinize Bitcoin, MSBs and intercept more texts

Tweet US cross-border drug strategy to cover new ground in British Columbia Let’s Talk Bitcoin has an interesting article here on the US drug initiative to reduce the cross-border drug trade between Canada and the US with a focus on targeting the use of Bitcoin and other digital currencies for laundering proceeds of crime. The […]

Thoughts on FinCEN Director’s speech on bank de-risking and the refusal of banking services to MSBs (and by implication, Bitcoin)

Tweet De-risking that results in unbankable businesses  By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime In a speech delivered to the anti-money laundering legal and law enforcement community, the Director of FinCEN, Jennifer Shasky Calvery, made some interesting and compelling comments that touch on the economic costs of anti-money laundering (“AML“) […]

US Federal Reserve says Bitcoin will force change but has serious risks

Tweet Bitcoin’s disruptive technology will force banks to change and adapt but some issues identified including regulatory arbitrage and consumer protection The Board of Governors for the US Federal Reserve published minutes of their recent meeting on a wide-range of economic issues, including Bitcoin. Positive Aspects The Board noted several important and positive aspects of Bitcoin, namely: Bitcoin will force traditional […]

Bitcoin in Amsterdam

Tweet We are participating in three exciting sessions on digital currencies (and Bitcoin) in Amsterdam this month for those interested in joining: At the Bitcoin Foundation Conference on May 16, 2014 on a panel discussing anti-money laundering chaired by Adam Shapiro, Director of Promontory Financial Group with: Dirk Haubrich, Head of Consumer Protection and Financial […]

Jackpot or not? Report says combo of online gambling sites and Bitcoin facilitate money laundering

Tweet 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 problems and Bitcoin is facilitating it. It may be that money laundering is happening on a large scale through unlicensed online gambling websites but the report […]

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

Tweet 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 […]

10th Annual National Money Laundering Symposium at Osgoode Hall Law School

Tweet The agenda is out for the upcoming 10th Annual National Symposium on Money Laundering in Toronto on April 4, 2014. The Symposium includes sessions on the following: Report from Gerald Cossette, Director of FINTRAC on Current Money Laundering and Terrorist Financing Trends in Canada. Financial Institution Lessons Learned from US and Canada on Money […]

Canada’s government-issued Bitcoin, the MintChip

Tweet Update: The MintChip was cancelled on the day in which its AML consultant and I were scheduled to talk about it at a Bitcoin Conference in New York City and on the local news in New York. My speech was as below, that it was inconsistent for Canada to launch a MintChip when the Minister of […]

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

Tweet 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 […]