Money Laundering

Auto Added by WPeMatico

Latam Insights: Brazilian Federal Police Cracks Down on $9.7 Billion Crypto Money Laundering Rings, Brazil Uses AI to Detect Crypto Tax Fraud

by

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Brazilian police dismantle $9.7 billion crypto laundering rings, Brazil uses an artificial intelligence (AI) tool to detect tax fraud linked to cryptocurrency, and Latam’s neobank Nubank halts trading of its coin. Operation Niflheim: … Read more

China Moves to Address Crypto Money Laundering Activities With New Law Draft Revision

by

China is moving to update its legislation to tackle new money and cryptocurrency money laundering crimes. The Chinese Congress is set to introduce new money laundering concepts in the second review of the money laundering law draft revision, which will establish additional requirements for monitoring tech-related new money laundering risks. China to Address Crypto Money … Read more

Operation Niflheim: Brazilian Authorities Crack Down on $9.7 Billion Crypto Money Laundering Rings

by

The Brazilian Federal Police dismantled an operation that used crypto to launder money from criminal sources, sending it abroad. Operation Niflheim involved the issuance of eight arrest warrants and 19 search and seizure orders against these groups that operated in Caxias do Sul, Sao Paulo, Fortaleza, and Brasilia. The criminals laundered over $9 billion since … Read more

Indonesian Crypto Exchange Hit by $20.5M Hack, Lazarus Group Suspected

by

Web3 security firm Cyvers detected suspicious transactions on Indonesian exchange Indodax’s wallets on September 11th. The attack involved over 150 transactions and digital assets worth an estimated $20.58 million are believed to have been stolen. Some experts suspect the North Korean hacking group Lazarus Group may be responsible due to attack characteristics. Indodax Hack Shows … Read more

Singapore’s Parliament Addresses Worldcoin Account Misuse and Privacy Risks

by

Singapore’s Deputy Prime Minister Gan Kim Yong addressed concerns in Parliament regarding the risks of Worldcoin’s operations in Singapore, including potential money laundering through the sale of accounts. He emphasized that although Worldcoin does not perform a payment service under current laws, buying or selling accounts may constitute a violation. Investigations are ongoing, and the … Read more

FCA Files First Charges Against Unregistered Crypto ATM Operator in UK

by

The UK’s Financial Conduct Authority (FCA) has charged Olumide Osunkoya for operating unregistered crypto ATMs in the country. This case is significant as it represents the first prosecution under UK law for such activities. Osunkoya is accused of running a network of crypto ATMs that processed £2.6 million in transactions without registration, violating anti-money laundering … Read more