Thailand to Curb Money Laundering via Cryptocurrency

Thailand's сryptocurrency exchanges will report their transactions to the country's anti-money laundering agency to curb money laundering
31 January 2018   690

The government of Thailand will step up monitoring of cryptocurrencies by requiring сryptocurrency exchanges to report their transactions to the country's anti-money laundering agency (AMLO). This is reported by The Nation.

Pol Maj-General Romsit Viriyasan, the acting chief of the AMLO, said the agency would amend its law to impose the requirement in order to suppress money-laundering activities using bitcoin and other cryptocurrencies as media of exchange.

Romsit said the current AMLO law empowered the agency to investigate cases in which illegally obtained money, such as the proceeds of cheating and investment scams, was converted into other assets, while the planned amendment would relate to bitcoin and all other digital currencies.

If there is solid evidence, the agency will also be empowered to freeze all assets arising from illegal activity, pending further investment and prosecution. The AMLO will require people providing digital exchange services to file reports about transactions, with a special focus on people involved in suspicious activities that could be covering up money laundering.

Bitcoin and Ripple, are currently the two most popular units used by criminals to launder money in Thailand. Romsit added that investing in digital currencies carries a high risk because Thailand's law does not recognise them as legal tender, so the public should exercise caution to avoid misleading and cheating tactics.

SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.
 

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."