Why law enforcement struggles to throttle crypto scams
Under the headline "Scammers in Paris", an online sleuth known as ZachXBT published a blog in August detailing how a pair of youngsters stole cryptoassets worth millions.
Oct 20, 2022
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Under the headline "Scammers in Paris", an online sleuth known as ZachXBT published a blog in August detailing how a pair of youngsters stole cryptoassets worth millions.
Oct 20, 2022
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The Treasury Department is facing pushback from the cryptocurrency industry over sanctions imposed on a firm accused of helping to launder billions of dollars—with some funds going to North Korean hackers.
Aug 26, 2022
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Two former colleagues of tech entrepreneur Kim Dotcom have agreed to face online piracy charges in a New Zealand court in exchange for US extradition proceedings being dropped, authorities and the defendants said on Tuesday.
May 10, 2022
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A former Apple employee has been charged with defrauding the tech giant out of more than $10 million by taking kickbacks, stealing equipment and laundering money, federal prosecutors said.
Mar 20, 2022
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IRS criminal investigators see cryptocurrencies and nonfungible tokens as ripe for fraud, including money laundering, market manipulation and tax evasion—and even celebrities could get caught up in the agency's probes.
Jan 26, 2022
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The European Central Bank inched closer to a "digital euro" on Wednesday with the formal launch of a pilot project, but questions remain about potential pitfalls and benefits for eurozone citizens.
Jul 14, 2021
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Nasdaq agreed to acquire Verafin, a Canadian financial fraud-detection company, for $2.75 billion, the companies announced Thursday.
Nov 19, 2020
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The US Justice Department on Wednesday announced charges against five Chinese nationals and two Malaysians who ran global hacking operations for at least six years to steal identities and video game technology, plant ransomware, ...
Sep 16, 2020
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Money laundering is big business but wholly illegal big business. It has an enormously negative impact on local, national, and international economies as well as providing the financial means to fund other criminal activities ...
Aug 10, 2020
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Facebook's proposed digital coin Libra would "extend America's financial leadership" while helping cash-strapped people around the world, chief executive Mark Zuckerberg said in remarks prepared for delivery to lawmakers ...
Oct 22, 2019
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Money laundering is the practice of disguising illegally obtained funds so that they seem legal. It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.
In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.
In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to mean any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. In the UK, it does not even need to involve money, but any economic good. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia, and even states.
As financial crime has become more complex, and "financial intelligence information gathering intelligence" (FININT) has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).
This text uses material from Wikipedia, licensed under CC BY-SA