News & Analysis as of

Blockchain Digital Currency Money Laundering

Ballard Spahr LLP

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

Ballard Spahr LLP on

It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Davis Wright Tremaine LLP

The Digital Pound: "More Likely Than Not"

On February 7, 2023, the Bank of England (BoE) released two documents concerning a central bank digital currency (CBDC), a prospective government-backed digital form of U.K. currency also known as the "digital pound." ...more

Sheppard Mullin Richter & Hampton LLP

NFT Regulatory Issues – a 2022 Review and 2023 Preview

Despite the minimal regulatory enforcement actions against blockchain game companies and NFT issuers, now is NOT the time to become complacent about regulatory issues. As indicated below, many U.S. agencies are increasing...more

K2 Integrity

The North Korean Crypto Threat

K2 Integrity on

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

Katten Muchin Rosenman LLP

Federal Reserve's New Master Account Guidelines Provide Transparent Path For Crypto Industry

State-chartered crypto banking entities and other crypto financial institutions will now be subject to a "transparent and equitable framework" when applying for direct access to the Federal Reserve's payment systems...more

Wilson Sonsini Goodrich & Rosati

Money Services Businesses Penalized for Failure to Adopt Robust Anti-Money Laundering Practices

Two recent federal enforcement actions—announced the same day—have underlined the need for crypto companies to carefully consider their anti-money laundering (AML) obligations or else risk significant penalties....more

Brownstein Hyatt Farber Schreck

NFTs: Gateway to Financial Independence or Litigation Risk?

NFTs—or “nonfungible tokens”—are everywhere. What was once seen as a collectors’ item for crypto geeks and LeBron James TopShop fanatics is now gaining popularity with a much wider audience. Take the recent example of the...more

Wilson Sonsini Goodrich & Rosati

Is Regulation of NFTs to Combat Financial Crime on the Horizon?

On February 4, 2022, the United States Department of the Treasury (the Treasury) issued a report titled, "Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art." The report...more

American Conference Institute (ACI)

[Event] 10th Edition of Fraud, Asset Tracing & Recovery - January 24th - 25th, Miami, FL

ACI’s and C5’s 10th Edition of Fraud, Asset Tracing & Recovery Miami conference is returning on January 24 – 25, 2022 in person! Deemed as the foremost, can’t-miss event for the Fraud community, it gathers the pre-eminent...more

McGlinchey Stafford

Cryptocurrency: Wild West or Wall Street? [More with McGlinchey, Ep. 22]

McGlinchey Stafford on

Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more

Hogan Lovells

Italy towards the implementation of a legal framework on blockchain

Hogan Lovells on

The Ministry of Economic Development launched a public consultation setting out recommendations for the use of DLT and blockchain in a number of fields, including the regulatory banking and financial industry. ...more

Polsinelli

Take the Money and Run - Bitcoin Transfers (even within the same state) Provide Basis for Federal Jurisdiction in Money Laundering...

Polsinelli on

Earlier this month, the Ninth Circuit Court of Appeals affirmed the money laundering convictions of Thomas Costanzo, a bitcoin broker. According to Costanzo, the bitcoin transfers at issue, which originated from and were...more

Hogan Lovells

Ex-Microsoft software engineer convicted of embezzling $10 million in digital value

Hogan Lovells on

A Ukrainian man living in the U.S. is facing up to 20 years in prison after being convicted of 18 federal felonies to defraud his former employer Microsoft out of more than $10 million in digital value. ...more

Hogan Lovells

U.S. man charged with operating darknet-based bitcoin 'mixer' that laundered $300 million

Hogan Lovells on

The U.S. Department of Justice (DoJ) has indicted a man from Ohio for running Helix, a darknet-based cryptocurrency laundering service that is alleged to have laundered bitcoins worth $300 million....more

BakerHostetler

Blockchain Solutions Announced Across Industries, Crypto Threat Warnings Announced Across Agencies

BakerHostetler on

Blockchain Developments in Olive Oil, Shipping, Media and Real Estate - On Jan. 14, one of the largest producers of olive oil in the Mediterranean announced it would begin using blockchain to create a provenance record for...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Hiding somewhat in the shadows during the rise of virtual currencies over the past year or two has been blockchain, the ledger technology that undergirds bitcoin and other cryptos, and its potential application beyond digital...more

BCLP

Blockchain Technology Will Not Disrupt Financial Services Anytime Soon

BCLP on

Twenty venture capitalists gathered in Silicon Valley last week to discuss the impact of blockchain technology, including digital currency, on financial services and venture capital. The 20 VCs represent an equal number of...more

Foodman CPAs & Advisors

The “J5” is on to Cryptocurrencies

The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more

Carlton Fields

In Crypto Litigations Mandatory Arbitration Agreements May Not Be Immutable

Carlton Fields on

Permissionless blockchains, like the one underlying the bitcoin payment network, were created to provide the public with transparency over transaction information and records....more

Perkins Coie

Blockchain Week in Review – August 2017 #6

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Perkins Coie

Blockchain Week in Review – May 2017 #4

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Thomas Fox - Compliance Evangelist

Will Blockchain Transform Compliance?

I recently read an article in the MIT Sloan Management Review, entitled “How Blockchain Will Change Organizations”, where authors Don Tapscott and Alex Tapscott speculate that the transformations which blockchain may...more

Ballard Spahr LLP

Combating Money Laundering and Terrorist Financing with a Distributed Ledger

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Despite the staggering $8 billion figure estimated to be spent on global compliance in 2017, U.S.-based rules regarding Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) remain anchored in their...more

Goodwin

European Parliament Draft Report Calls for the Creation of Task Force Devoted to Digital Currencies

Goodwin on

A new report published by the European Parliament’s Committee on Economic and Monetary Affairs calls for the establishment of a task force, with its own budget and dedicated staff, that would study digital currencies and...more

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