EU Members Want to Task New AML Watchdog With Crypto Oversight, Report Unveils
A group of EU nations have reportedly been lobbying to entrust oversight of the crypto space to a new anti-money laundering (AML) agency. Behind the move are concerns that companies dealing with digital assets can be engaged in the processing of illicit funds. Germany Leads Push to Place Crypto Firms Under EU Anti-Money Laundering Supervision Several EU member states, led by Germany, have been urging the European Union to grant a planned anti-money laundering (AML) watchdog powers to oversee businesses in the crypto sector. Quoting knowledgeable sources, Bloomberg revealed these nations....
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The annual supervision report from MONEYVAL concluded that 18 of the 22 jurisdictions have an insufficient level of compliance with AML standards. Europe’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) watchdog, MONEYVAL, has listed monitoring the crypto sector along with “gatekeeper” professionals, such as lawyers and accountants, as priorities in European nations' push to combat money laundering.In a media release based on the findings of its annual report, MONEYVAL called upon European jurisdictions to assess compliance with international standards and....
According to a recent report, South Korea has taken a significant stride towards “enhancing the security and “integrity” of its cryptocurrency market. On July 4, the nation’s financial watchdog, the Financial Supervisory Service (FSS), officially announced the launch of a 24-hour monitoring system aimed at detecting and addressing dubious activities within the crypto sector in […]
Government watchdog Empower Oversight has requested internal documents from the U.S. Securities and Exchange Commission (SEC) on cryptocurrency that potentially show conflicts of interest at the commission involving former high-level officials. This affects the commission’s lawsuit against Ripple Labs and its executives. SEC’s Conflicts of Interest Involving Bitcoin, Ether, XRP, Ripple Empower Oversight Whistleblowers & Research (Empower Oversight) announced Wednesday that it has submitted a detailed request under the Freedom of Information Act (FOIA) to the U.S. Securities and....
The government of Indonesia wants to assign crypto supervision to the Asian nation’s financial watchdog in order to ensure better protection for investors. The move is part of a planned overhaul of regulations in the sector aimed at increasing oversight of the expanding digital assets market. Indonesia Mulls Over New Financial Legislation Designed to Tighten Crypto Rules Indonesian authorities intend to task the Financial Services Authority (OJK) with regulation, supervision and oversight of cryptocurrency investments, which have been booming in the country. The market is currently....
The proposed crypto task force will examine the impact of crypto and digital currencies across the Commonwealth of Pennsylvania. A bill to establish a crypto task force in Pennsylvania has been introduced in the state’s General Assembly.According to the details of HB1724 published by LegiScan, the proposed crypto task force will be mandated to examine the potential impact of widespread crypto and digital currency adoption in the state.A moderately partisan bill introduced by eight Democratic and two Republican members of the General Assembly, the proposed legislation, if passed, will be....