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OFAC updates its Specially Designated Nationals List

On February 1, 2023, the United States Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) List, adding specific Ethereum and bitcoin addresses along with several individuals and entities. OFAC, which sits within the US Department of the Treasury, administers and enforces economic and trade sanctions based on US foreign policy and…

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U.S. arrests Bitzlato cofounder, alleges $700M illicit funds processed

On January 18th, the Department of Justice, US Attorney’s Office Eastern District of New York published a press release that stated that Anatoly Legkodymov was arrested on January 17th in Miami, Florida.  Assistant Attorney General Polite stated, “As alleged, the defendant helped operate a cryptocurrency exchange that failed to implement anti-money laundering safeguards and enabled criminals…

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Regulatory and Legislative Analysis #6

Regulatory and Legislative Analysis – Global The Bank for International Settlement (BIS) publishes a report on project mBridge, which experiments with cross-border payments using a common platform based on distributed ledger technology (DLT) upon which multiple central banks can issue and exchange their respective central bank digital currencies (multi-CBDCs).  The report was developed by BIS,…

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What to do when you fall victim to a crypto scam

Criminals go where the money is, so it’s no surprise that with the rise of bitcoin and other virtual assets, crypto scams are on the rise too. And because crypto is so new to so many users, it may be even more difficult for people to identify and avoid potential fraud. This dynamic resulted in reported…

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Key Takeaways: Agreement on MiCA, European crypto-assets regulation

On June 30, 2022 the EU Council Presidency and the European Parliament reached a provisional[1] agreement on the scope and direction of the Markets in Crypto-Assets Regulation. For the first time, European lawmakers aim to harmonize rules for crypto across the European Union and address the borderless risks introduced by crypto-assets while fostering innovation. Once…

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Second Mixer, TORNADO CASH, Added to OFAC Sanction List

On August 8, 2022, the United States Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals (SDN) List adding TORNADO CASH (a.k.a. TORNADO CASH CLASSIC; a.k.a. TORNADO CASH NOVA) along with 44 addresses from the Ethereum blockchain. This was an example of OFAC implementing sanctions on the person/entity level. OFAC, which sits within…

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NFT Crypto Art

The J5 NFT Marketplace Red Flag Indicators Intelligence Bulletin

On April 28, 2022, the Joint Chiefs of Global Tax Enforcement (‘J5’) issued a risk and red flags bulletin that highlighted significant and moderate fraud risk considerations with regards to Non-Fungible Tokens (NFTs). What is the J5? Since being formed in 2018, the J5 have been committed to combating transnational tax crime through increased enforcement…

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What are Virtual Assets and Virtual Asset Service Providers, and why do we need to know about the Financial Action Task Force?

FATF Background Founded in 1989, the Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognized as the global anti-money laundering (AML) and counter-terrorist…

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U.S. Fed Issues Report to Foster Public Dialog Regarding a USD-based Retail CBDC

In January 2022, the Fed issued their CBDC report titled: “Money and Payments: The U.S. Dollar in the Age of Digital Transformation”.  This report provides a transparent public dialogue about issuance of a USD retail Central Bank Digital Currency (CBDC) and some potential benefits and risks. Central banks all over the world continue researching CBDCs,…

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