Category: illicit
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Singapore Bans Use Of Crypto In Gambling To Curb Illicit Activity
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The risks of money laundering and other related crimes have prompted Singaporean authorities to ban the use of cryptocurrencies for gambling. Singapore Parliament The US Senate has passed amendments to the Casino Control Act, which aim to strengthen the effectiveness of the country’s casino regulatory system and its safeguards for…
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Australia’s AUSTRAC warns of crypto’s growing role in illicit activities
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Australia’s financial regulator has expressed concern over the surge in the use of digital currency to facilitate illicit transactions. According to the 2024 National Money Laundering Risk Assessment by the Australian Transaction Reports and Analysis Centre (AUSTRAC), a financial intelligence agency, the country has seen a rise in the criminal…
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Blockchain can combat illicit fund transfers, Nigeria’s top finance investigator says
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Blockchain technology and artificial intelligence can be used to combat illicit activities, said Olanipekun Olukoyede, Chairman of the Nigerian Economic and Financial Crimes Commission. The stakes are high for Africa, with the continent losing $88.6 billion annually to illicit money flows. According to the Guardian, Olukwede expressed concern that the…
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Stablecoin Tether steps up monitoring in bid to combat illicit finance By Reuters
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Written by Elizabeth Howcroft LONDON (Reuters) – The world’s largest stablecoin has stepped up monitoring of how its tokens are used in the broader cryptocurrency and payments markets in a bid to combat illicit financing, Tether said in a statement on Thursday. Tether, a cryptocurrency pegged to the US dollar,…