Fear of money laundering was one of the reasons given for the ban, however, in typical fashion, no hard facts were presented to back up the claims.
That framework would help move towards greater transparency of cryptocurrency exchange operations, as well as assuage government
fears of money laundering, tax evasion, and other similar issues.
Not exact matches
Amidst growing
fear of Bitcoin and other digital currencies being used for illegal purposes, such as
money laundering, the Europol has recently set up a group meant to combat the process with the help
of bitcoin.
Canadian lawyers admit they are in
fear of «the possibility
of a renewed effort by the federal government to extend the PCMLTFA (Proceeds
of Crime —
Money Laundering — and Terrorist Financing Act) to members
of the legal profession.»
However, they don't
fear it because
of the potential for
money laundering, terrorist financing, or harm to unsuspecting consumers.
The main reason behind the same is increasing
fear of regulators regarding the fact that such digital tokens are used to
launder money and facilitate financial crimes.
The bank account
of regulated bitcoin fund manager Global Advisors is being terminated by HSBC due to
money -
laundering fears.
A meeting with HSBC personnel at the firm's office in Jersey revealed that the bank
feared Global Advisors» account was at risk
of potential
money laundering.
Fearing capital flight and
money laundering, the central bank has waded into the quagmire
of unregulated exchanges operating in China.
It is no news that governments
fear the use
of cryptocurrencies for illegal purposes, including black market purchases and
money laundering.
With
fears of money -
laundering in real estate deals growing, home buyers who bring any cash to closing could make real estate professionals suspicious and prompt them to file a Suspicious Activity Report with the U.S. Treasury Department's Financial Crimes Enforcement Network or (FinCEN).