Virtual Currency, Money Laundering, Financial Crimes

Global Financial and Economic Crime Outlook: Introducing the Secretariat Economic Crime Index 2025

Secretariat on 4/10/2025

The global financial landscape is under siege by increasingly sophisticated financial and economic crimes. Money laundering, fraud, corruption, and market abuse pose ever-growing risks, compounded by rapid advancements in AI,...more

Regulations On Virtual Assets To Counter Proliferation Financing And Prevent Money Laundering

Awatif Mohammad Shoqi Advocates & Legal... on 2/17/2025

The advent and rise of cryptocurrency have been a disruptor to the traditional currency system. Even outside the virtual aspect of the currency, the concept is novel due to its accessibility and the level of anonymity...more

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

Ballard Spahr LLP on 3/19/2024

It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Hamas, Terrorist Financing, and Cryptocurrency

Ballard Spahr LLP on 12/8/2023

The October 7, 2023 attacks on Israel by Hamas have re-focused U.S. government efforts to identify and counter funding streams for Hamas and terrorist activity in general – including, in particular, through the use of...more

FinCEN Releases Proposed Rule Designating CVC Mixing as a “Primary Money Laundering Concern”

Wilson Sonsini Goodrich & Rosati on 11/8/2023

On October 23, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released a Notice of Proposed Rulemaking (proposed rule) addressing “mixing transactions” that involve convertible...more

FinCEN Issues Alert for Financial Institutions on Red Flags for “Pig Butchering” Schemes

Troutman Pepper Locke on 9/13/2023

On September 8, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant against a prominent virtual currency investment scam called...more

In the First Use of Its Section 9714 Powers, the U.S. Treasury Designated Bitzlato as a Russian-Linked Primary Money Laundering...

Skadden, Arps, Slate, Meagher & Flom LLP on 2/7/2023

On January 17, 2023, U.S. law enforcement authorities in Miami arrested Anatoly Legkodymov, a Russian national and the founder and majority owner of Hong Kong-based virtual currency exchange Bitzlato Ltd., on charges of money...more

FinCEN prohibits engagement with virtual currency exchange connected to Russian finance

Orrick, Herrington & Sutcliffe LLP on 1/20/2023

On January 18, the Financial Crimes Enforcement Network (FinCEN) issued its first order pursuant to section 9714(a) of the Combating Russian Money Laundering Act to identify a Hong Kong-registered global virtual currency...more

Blockchain Game Developers and FinCEN: When are State Money Transmission Laws Applicable?

Sheppard Mullin Richter & Hampton LLP on 10/4/2022

The rising prevalence of crypto and virtual currencies has invited the scrutiny of several regulatory bodies who continue to grapple with the unique challenges posed by blockchain technology, FinCEN being one prime example....more

The Cullen Commission Explores the Issue of Money Laundering Through Virtual Assets

Bennett Jones LLP on 8/18/2022

In June 2022, the Final Report of the Commission of Inquiry into Money Laundering in British Columbia was published. As previously reported by us in The Cullen Commission Releases Its Final Report on Money Laundering in...more

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on 1/26/2022

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Sound the Alarm: DOJ’s New Criminal and Civil Tools to Combat Crypto-Cyber Threats Should Prompt Investment in Cyber Compliance

Vinson & Elkins LLP on 10/28/2021

As a strong signal that it intends to increase its focus on illicit crypto transactions, the Department of Justice (“DOJ”) announced the creation of an enforcement team, the National Cryptocurrency Enforcement Team (“NCET”),...more

The Basel AML Index 2021: Virtual Assets and Money Laundering. A Guest Blog.

Ballard Spahr LLP on 10/5/2021

Global AML Compliance Faces Challenges Relating to Regulator Expertise, the Travel Rule, Decentralized Finance, and “Regulator Shopping”...more

Cryptocurrency: Wild West or Wall Street? [More with McGlinchey, Ep. 22]

McGlinchey Stafford on 5/27/2021

Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more

AML Enforcement Is a Key Tool to Combat Cryptocurrency Crimes

Orrick, Herrington & Sutcliffe LLP on 11/13/2020

On October 8, 2020, the U.S. Attorney General’s Cyber-Digital Task Force released its Cryptocurrency Enforcement Framework. The Framework makes clear that, in addition to prosecuting bad actors who use cryptocurrency to...more

DOJ Cryptocurrency Guidance Outlines Enforcement Partnerships (Part II of II)

The Volkov Law Group on 11/3/2020

DOJ’s Cyber Digital Task Force’s report, “Cryptocurrency: An Enforcement Framework,” provides a comprehensive on the growing partnerships between DOJ and other offices within the executive branch....more

DOJ Releases Cryptocurrency Guidance and Enforcement Framework (Part I of II)

The Volkov Law Group on 11/3/2020

Earlier this month, the Department of Justice (“DOJ”), through its Cyber Digital Task Force (hereinafter the “Task Force”), published its 83-page crypto guidance report titled “Cryptocurrency: An Enforcement Framework.”...more

The CFTC Begins Policing AML Enforcement

Orrick, Herrington & Sutcliffe LLP on 10/22/2020

Financial institutions with anti-money laundering responsibilities under the Bank Secrecy Act (BSA) take note: there’s a new sheriff in town. The Commodity Futures Trading Commission recently finished its fiscal year with...more

Securing the Weakest Link U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

Polsinelli on 9/16/2020

The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors. These actors stole millions of dollars’ worth of cryptocurrency or other...more

You Can Run But You Can’t Hide: U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

Polsinelli on 9/15/2020

The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors. These actors stole millions of dollars’ worth of cryptocurrency and...more

DOJ Demonstrates its Ability to Track Illegal Foreign Funds Laundered Through Crypto; Financial Institutions Must Keep Up

Orrick, Herrington & Sutcliffe LLP on 9/2/2020

The Department of Justice (DOJ) announced last week and earlier this month civil forfeiture actions brought by the United States Attorney’s Office for the District of Columbia to seize stolen or laundered virtual currency...more

Virtual Currency › Money Laundering › Financial Crimes