Sentences with phrase «for money laundering activities»

You may as well blame taxpayers as a group for the money laundering activities of the greedy.

As such, the financial watchdog is concerned that the platform could be used for money laundering activities.

Not exact matches

Colleagues said it would be used for money laundering, drugs, and other illicit activities, he says — the same criticisms lobbed at Bitcoin when it debuted.

As cryptocurrencies are not backed by government, several authorities fear they may be used for illicit activities like money laundering.

This gap could be used for money laundering, or other illegal activity.

The exploratory research study, intended to advise authorities going forward, concluded that it was likely that the virtual currency had been used for illegal activities, including money laundering.

This makes Bitcoins a potentially good choice for tax evasion, money laundering and other illegal activities.

He said the bank is concerned bitcoin might be used for fraud or other illegal activities like terrorism, money laundering, prostitution, drug trafficking.

Because of legislation such as the Bank Secrecy Act, signed into law in 1970, and the Patriot Act, which was made law in 2001, those institutions must maintain strict compliance programs to monitor for signs of money laundering, terrorist financing, and other criminal acts, and they are obligated to report suspicious activities to authorities.

Due to its anonymity and untraceabilitiy, it is used for criminal activities such as laundering money, buying and selling illegal goods and services and transferring money to support criminal or terror activities.

«We have simply noted in conversation with Mr. de Voogd that without the registration required by the Money Laundering and Terrorism Prevention Act, offering financial service could be grounds for criminal proceedings for illegal economic activity, which is a standard practice for, say, pawnshops.

«We have simply noted in conversation with Mr de Voogd that without the registration required by the Money Laundering and Terrorism Prevention Act, offering financial service could be grounds for criminal proceedings for illegal economic activity.»

They believe that it is in fact a threat to the security of the Russian nation as it would allow for widespread money laundering and other illicit activities a safe haven to take place.

Criminal organizations are increasingly using cryptocurrencies to launder money or otherwise pay for illicit activities, according to one U.S. Immigration and Customs Enforcement agent.

Prior to the meetings scheduled for today and tomorrow, vice president of Germany's Bundesbank, Claudia Buch, stated that «the role of crypto tokens in money laundering and criminal activity must also be closely examined,» but also that she doesn't «see a threat for financial stability at the moment as the speculations are generally not financed with loans and the relevant markets are rather small.»

Once Levy was a Madoff client, the relationship included classic, unchecked evidence of money laundering for years and years that should have resulted in legally - mandated Suspicious Activity Reports (SARs) filed with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).

On 5 December 2013, the People's Bank of China announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.

In summary, FinCEN's decision would require bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, comply with money laundering regulations, and collect information about their customers as traditional financial institutions are required to do.

Kyle C. Armstrong FBI Supervisory Special Agent, manages the Virtual Currency initiative for FBI as it relates to money laundering activities

Or you have a cryptocurrency that actually is banked by money, and doesn't allow criminal activity, but that's been tried before; it was called Liberty Reserve, and it was shut down for money laundering in 2013 by the US government.

While the world has been busy criticizing Russia for the way it is hosting the 2014 Sochi Winter Olympics, its government is busy cracking down on virtual currencies that allegedly can be used for criminal activities such as money laundering and terrorism.

In closing, Bair calls on the government and Congress, in particular, to provide additional oversight to prevent fraud, money laundering and the use of cryptocurrencies for illicit activities.

Since 2009, governments have been pointing fingers at Bitcoin and other digital currencies as a conduit for money laundering and fraudulent activities.

He explained that the bill would «make comprehensive provisions to prohibit the laundering of criminal activities, expand the scope of money laundering, and provide protection for employees of various institutions, bodies and professions who may discover money laundering».

«As such,» (a) requirement that the government trace each dollar of the transaction to the criminal, as opposed to the non ‐ criminal activity, would allow individuals effectively to defeat prosecution for money laundering by simply commingling legitimate funds with criminal proceeds.»»

One of the counts reads: «That you Air Chief Marshal Alex S Badeh (whilst being the Chief of Air Staff, Nigerian Air Force) and IYALIKAM NIGERIA LIMITED between 28th March and 5th December, 2013 in Abuja within the jurisdiction of this Court, did use an aggregate sum of N878, 362,732.94 (Eight Hundred and Seventy - Eight Million, Three Hundred and Sixty Two Thousand, Seven Hundred and Thirty - Two Naira, Ninety - Four kobo) removed from the accounts of the Nigerian Air Force and paid into the account of Rytebuilders Technologies Limited with Zenith Bank Plc for the construction of a shopping mall situate at Plot 1386, Oda Crescent Cadastral Zone A07, Wuse II, Abuja for yourself, when you reasonably ought to have known that the said funds formed part of the proceed of unlawful activity (to wit: criminal breach of trust and corruption) of Air Chief Marshal Alex S Badeh and you thereby committed an offence contrary to Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act»

Khaled also has ominous looking chemical equipment in his kitchen along with ATM deposit envelopes for what appears to be a money laundering set up for terrorist activities.

Important information about procedures for opening a new account: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

The charges were not really relevant to Trump himself or Trump's election campaign since Paul Manafort and Rick Gates were charged with money laundering, tax evasion, fraud, and failure to disclose and register that they are agents of a foreign principal under the Foreign Agents Registration Act (FARA) for activities on behalf of Ukraine (NOT Russia) between the years 2006 until 2014.

The relatively anonymous nature of digital currencies has made them very attractive to criminals, who may use them for money laundering and other illegal activities.

Money laundering Money laundering is a catch - all term for any activity that tries to convert the proceeds of crime into legitimate mMoney laundering Money laundering is a catch - all term for any activity that tries to convert the proceeds of crime into legitimate mMoney laundering is a catch - all term for any activity that tries to convert the proceeds of crime into legitimate moneymoney.

Specific accounts at the RDFI might be limited for a variety of reasons, including freezing the account for suspicious activity (money laundering or terrorist funding), court order for impending legal proceedings, IRS levies for nonpayment of taxes, or perhaps child support delinquency.

«The main requirements are for due diligence (and enhanced due diligence in higher - risk matters) before acting in the transaction and to report suspicious activity, via a money - laundering reporting officer, to the U.K. Financial Intelligence Unit before proceeding with the transaction.

According to the FSC, the measures outlined were intended to «reduce room for cryptocurrency transactions to be exploited for illegal activities, such as crimes, money laundering and tax evasion,»

Therefore it may only take a few instances of evidenced money laundering activity, or inadequate risk assessments and AML controls in the betting or other sectors for the remit of the Regulations to be extended to the wider industry.

The bank will also will pay a $ 350 million civil penalty for what the Treasury Department called «critical and widespread deficiencies» in its programs to prevent money laundering and other suspicious activity.

The Attorney General also restated the intention to consult on extending the criminal offence of «failure to prevent» to other economic crimes such as fraud and money laundering so that firms are properly held to account for criminal activity that takes place within them.

The government has dropped plans to axe a statutory defence for solicitors who report suspected money laundering or other suspicious activities.

The FCA's enforcement activity ranges from pursuing allegations of criminal conduct such as insider dealing, misleading statements, breaches of the general prohibition and money laundering, to regulatory breaches of the FCA's Principles for Businesses and Approved Persons, as well as proceedings for market abuse.

Added to this, the Office for Professional Body Anti- Money Laundering Supervision (OPBAS), expected to become operational in January 2018, will support supervisors in helping to ensure that professionals effectively target criminal activity.

Criminal organizations are increasingly using cryptocurrencies to launder money or otherwise pay for illicit activities, according to one U.S. Immigration and Customs Enforcement agent.

One of the biggest concerns raised has been the likelihood of organized criminals and terror cells using the anonymity offered by the blockchain technology to launder money or transfer funds for use in terror activities.

The idea is to treat such currency in a manner similar to gold sold digitally, so that it can be traded on registered exchanges in a bid to «promote» a formal tax base, while keeping a tab on their use for illegal activities such as money laundering, terror funding and drug trafficking.

«Its not hard to imagine how these books could be used to launder money using stolen credit cards or facilitating transactions for illicit materials or funding of illegal activities,» Reames told Krebs.

As cryptocurrency has become mainstream governments around the world have taken the first steps towards cryptocurrency regulations; Russia wants to create a robust tax regime, the UK and EU wants to force cryptocurrency to comply with Know your Customer (KYC) and Anti Money Laundering (AML) legislation and the Trump administration has voiced concerns that «Bitcoin is being used for illicit activity».

The information gathered can be used to create «threat scores,» which bank specialists can use «to identify behavior for a banking customer that is suspicious and indicates high likelihood of money laundering activity.»

It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.

Currently, Singapore, which is considered to be the Asian hub for finch and initial coin offering, does not regulate digital assets market, though the central bank watches for the activities that may pose certain risks, such as money - laundering or other illegal transactions.

Last fall, the banking titan said Bitcoin was a untraceable tool for money laundering and other illegal activities.