In August 2022, the UK’s long-awaited “Register of Overseas Entities” was implemented. This new piece of legislation is now widely seen as a cornerstone of the government’s Economic Crime Act. However, although it is revolutionary for the UK’s fight against money laundering, it’s actually just the latest move the country has made to stem the
A key center of FinTech innovation, the United Arab Emirates (UAE) is home to a growing number of crypto exchanges and platforms. As a result, the country’s two largest cities, Dubai and Abu Dhabi, have emerged as hubs for crypto asset technology. The latest development in the country’s relationship with crypto assets recently emerged when
Only 35 of the 273 applications to the Financial Conduct Authority (FCA) under the Fifth Anti-Money Laundering Directive have successfully received authorization. When the Fifth Anti-Money Laundering Directive (5MLD) was introduced in January 2020, the UK-based regulator received a flood of applications from crypto service providers. However, only 13% of applications under the regime have
The National Crime Agency’s (NCA) annual report has revealed that the enforcement agency seized £27m in cryptoassets during the last year. In their report, the NCA linked cryptocurrencies to potential money laundering. In doing so, the agency highlighted the Russian invasion of Ukraine as a particular cause for concern in relation to the illegal laundering of
A bipartisan group of US lawmakers has cleared a major hurdle in their attempt to make the largest change to America’s anti-money laundering laws in more than two decades. What will the Enablers Act achieve? Their bill, known as the Enablers Act, amends the 52-year-old Bank Secrecy Act. It requires trust companies, lawyers, and art
Members of the European Parliament have proposed a series of amendments that suggest NFT trading platforms should now be made subject to European Union anti-money laundering (AML) laws. On top of this, lawmakers from the Green Party and Socialist representatives also appear to favor including self-managed crypto wallets and decentralized finance under a proposed regulation
A survey commissioned by the Financial Action Task Force (FATF) has revealed that only 30% of jurisdictions have passed rules to help prevent the illicit use of cryptocurrencies. Uptake is incredibly slow Their survey has revealed that most countries lack ‘travel rule’ laws that could help prevent the illicit use of cryptocurrencies by criminals and
The EU is making it more difficult for criminals to use cryptocurrencies for money laundering and other criminal purposes. Negotiators from the council presidency and the European Parliament have reached a provisional agreement on updating the rules on information accompanying the transfers of funds. In doing so, they are extending the scope of those rules
At the latest meeting of the Organization for Economic Co-operation and Development (OECD) in Paris at the end of May, representatives from the crypto industry pushed back at attempts to make them report details of non-fungible tokens (NFTs), decentralized finance (DeFi) transactions, and retail payments to tax authorities. However, international tax standard-setters still wish to
Following recent turmoil, regulators and policymakers are looking to ensure financial stability and protect investors by enhancing regulation in the crypto sector. According to the G7 group, although the spillover from crypto markets to traditional financial markets remains limited, there remains an urgent need for the “swift development and implementation” of consistent and comprehensive regulation
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