Laundering

Fresh EU rules may be required to strongly safeguard users from cryptocurrency risks, stop money laundering and prevent diverging national regulations from forming unjust contention, European Union regulators revealed on January 9, 2019.

The executive body of the Irish Government – the Cabinet, officially approved a bill giving effect to the EU Fifth Anti-Money Laundering (AML) Directive, according to a Thursday, January 3, 2019 report by the Irish Times.

De Nederlandsche Bank, the Dutch central bank, plans to regulate digital currency firms by demanding they register and acquire valid licenses to start operating.

As a decentralised technology, digital currency is often accused of being used for illegal purposes such as money laundering and tax evasion. As per the National Police Agency of Japan (NPA), crypto exchanges submitted almost 6,000 reports of suspicious trading in the period from January to October.

The Finance Ministry of Estonia will soon add amendments to a financial bill which was recently passed, purposely meant to "harden" cryptocurrency-related regulation, according to a report by Äripäev, an Estonian financial newspaper.

Uganda's Financial Intelligence Authority (FIA) plans to review the law on anti-money laundering so that it can include crypto assets, according to a November 14, 2018 report from nilepost, a local news outlet.

The Financial Action Task Force (FATF) heralded plans to propose effective rules regulating digital currency with its world AML/CFT standards. This effort is aimed at exterminating the use of cryptocurrencies for financing terrorism activities and money laundering.

Nordea Bank is among the largest and most famous financial institutions in the Nordic nations. The Nordic nations include Finland, Iceland, Denmark, Sweden and Norway. The financial team made news in January 2018. The bank put a ban on flagship digital currencies such as BTC, ETH and Litecoin.

Firms from Russia and several parts of the former Soviet Union have allegedly turned the tiny nation of Estonia into a money laundering haven. An ongoing investigation into the Estonian branch of Danske Bank is combing through a large $150 Bn that may have been largely involved.