Global AML Watchdog to Take Actions Against Crypto Money Laundering

A global inter-governmental body, The Financial Action Task Force (FATF) will step up its efforts in monitoring the use of cryptocurrencies in money laundering  
26 February 2018   709

FATF aims to tackle financial crime. The Task Force was founded in 1989. It consists of ministers from its member jurisdictions who help determine standards and execute legal, regulatory and operational measures to fight money laundering, financial crimes, and others.

According to a memo of its latest meeting, FATF studied the findings of a recent report regarding the risks of cryptocurrency money laundering. It also took on board the regulatory measures being adopted in different countries.

It resulted in the implementation of additional initiatives to address the risks of cryptocurrency in money laundering. This meeting showed that there is a growing attention from worldwide regulators over illegal uses of cryptocurrency.

According to news agency Yonhap, financial regulator of South Korea, the Financial Service Commission has briefed a global anti-money laundering body on its obligations related to cryptocurrency transactions to tackle money laundering.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   100

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.