Tweet Consensus on Supranational Risk Assessment As part of the 4th Anti-Money Laundering Directive approval process in the European Union (the “4th AMLD“), the Council of the European Union’s President yesterday issued declarations and proposals for the regulation of anonymous financial transactions that are transacted on new fintech products. The communication from the President included […]
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 […]
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“) […]
Tweet Suitcases full of cash muled to Vancouver by cash couriers According to this article in South China Morning Post, the Foreign Account Tax Compliance Act (“FATCA“), will result in the growth of Asia’s underground or shadow banking system, including an increase in the use of cash mules who transport suitcases full of US cash from […]
Tweet New Bitcoin Law At the end of this week, the Parliament of Canada approved what is likely the world’s first national Bitcoin law, and certainly the world’s first treatment in law of Bitcoin under national anti-money laundering law. Late Thursday, Canada’s Governor General gave Royal Assent to Bill C-31, An Act to Implement Certain Provisions of the […]
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 […]
Tweet We are participating in three 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 Innovation […]
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 […]
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 […]
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 […]