Money laundering

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.

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.

A quondam crypto trader and exchange operator from Arizona, U.S. was sentenced to 41 months in hoosegow because of laundering drugs money using Bitcoin.

In the effort to design strong measures against the rising fraud and money laundering vices through digital currencies, Bulgaria's Financial Supervision Commission (FSC) is considering to monitor thoroughly the cryptocurrency market in the country.

The government of Japan has noted that significant credit agencies will compute the users of cryptocurrencies to stop the usage of digital assets in money laundering got from illegitimate operations, just after revealing the plans to crackdown unknown cryptocurrencies such as Monero, Zcash and Dash.

The major financial market regulator the Israel Money Laundering and Terror Financing Prohibition Authority has created a fintech draft which is aimed at helping to track and control suspicious cryptocurrency activity, according to a local news company’s post published yesterday, May 28.