Bitcoin 

UN Claims Hong Kong Blockchain Firm Is North Korean Laundering Sham

The United Nations Security Council’s Sanctions Committee on North Korea has accused the country of using a Hong Kong-based blockchain firm as a front to launder money.  As South Korean newspaper Chosun Ilbo reported on Nov. 6, the committee conducted an investigation into the various strategies allegedly employed by the North to evade sanctions using cryptocurrencies and other means. The Committee’s allegations The Committee alleges that “Marine China” — a  blockchain-focused shipping and logistics firm registered in Hong Kong — was created by North Korean actors; its owner and sole…

Read More
Bitcoin 

US Man Pleads Guilty to Running $25 Million Bitcoin Laundering Scheme

A Los Angeles man pleaded guilty to running a $25 million Bitcoin (BTC) money laundering scheme and sale of methamphetamine. Possible life sentence News outlet U.S. News reported on Aug. 23 that 25-year-old Kunal Kalra has pleaded guilty to charges including money laundering and distributing methamphetamines. Per the report, he could be sentenced to life in prison. The authorities allegedly claim that from 2015 through 2017 Kalra exchanged BTC and dollars, ran a Bitcoin ATM and admitted to making deals with drug dealers and other criminals. Sold meth to an…

Read More
Bitcoin 

Eike Batista Arrested on Suspicion of Money Laundering Via Bitcoin

Wealthy businessman Eike Batista has been arrested by federal police on account of suspected money laundering, which they believe he achieved by trading Bitcoin (BTC) on his wife’s behalf. The details of Batista’s arrest were reported by Cointelegraph Brasil on Aug. 8. Prosecutors reportedly found notes indicating that he had traded BTC for his wife, who is not currently being investigated. The Federal Prosecutor wrote: “Although the suspect’s wife, Mrs. Flávia, is not being investigated, it is quite possible, given the evidence of such a usual means of money laundering…

Read More
Cryptocurrency 

Bitcoin ATMs a Blind Spot for Money Laundering Laws

Spanish law enforcement pointed out that Bitcoin (BTC) automated teller machines (ATMs) show a gap in European Union’s Anti-Money Laundering (AML) regulations, Bloomberg reports on July 11. Per the report, Spanish police uncovered a local gang that used Bitcoin ATMs to transfer more than 9 million euros ($10 million) for drug traffickers in Colombia and other countries.  Bloomberg cites anonymous representatives of Guardia Civil (a type of Spanish law enforcement) alleging that the group hired two machines from trading platforms and installed them in an office in Madrid. The office…

Read More
Bitcoin 

FATF to Strengthen Control Over Crypto Exchanges to Prevent Money Laundering

Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks. The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes. U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the…

Read More