Reported by JOSH BOAK AND MATT O’BRIEN President Joe Biden on Monday signed an ambitious executive order on artificial intelligence that seeks to balance the needs of cutting-edge technology companies with national security and consumer rights, creating an early set of guardrails that could be fortified by legislation and global agreements. Before signing the order, Biden said AI […]
Reported by Alric Lindsay On October 27, 2023, following meetings of the Financial Action Task Force (FATF), the FATF Plenary announced that the Cayman Islands have now been removed from the list of jurisdictions under increased monitoring, otherwise known as the “grey list.” The FATF said it “congratulated” the Cayman Islands and other countries for […]
Reported by Carter Pape In recent years, regulators have warmed to the idea of banks using artificial intelligence to comply with anti-money-laundering laws and related regulations for countering the financing of terrorism and preventing other financial crimes. Increasingly, banks have also used this same transaction monitoring technology to protect themselves from fraud. Using AI to monitor transactions […]
Reported by YAYA J. FANUSIE Recent reporting about Palestinian terrorist groups accessing crypto assets points to an ongoing challenge: Terrorist organizations continue to exploit weak links across the financial system to raise, hide, and disperse funds. Many gaps exist, both with traditional financial actors and some crypto platforms that don’t effectively enforce the clear legal […]
Reported by Rebecca Burns A corporate lobbying group backed by Koch Industries is quietly pressing the Democratic New York governor Kathy Hochul not to sign a landmark transparency bill unmasking the owners of shell corporations involved in financial crimes, wage theft and tenant abuses. High-profile real estate donors to Hochul’s campaign also oppose new disclosure requirements for […]
Reported by ANDY GREENBERG HAMAS’ ATTACKS AGAINST Israel on October 7 have shifted the geopolitical landscape and triggered a looming Israeli ground assault in the Gaza Strip. Now the ripple effects are reaching the cryptocurrency industry, where they’ve become the United States Department of the Treasury’s rallying cry for a crackdown on cryptocurrency anonymity services. The US Treasury’s […]
Reported by Steven Stradbrooke Binance’s history of facilitating transactions with both Iran and Hamas will increase the exchange’s ‘crypto’ pariah status and doom any chance of negotiating a favorable legal settlement with U.S. authorities. The world is still struggling to grasp the full ramifications of last weekend’s surprise attack on Israel by the Hamas terror […]
Reported by Nicole Goodkind, CNN (Summarized version presented below) The Senate Banking Committee recently approved the SAFER Banking Act, a groundbreaking bill aimed at bridging the gap between financial institutions and cannabis companies. This bill, which has been in committee discussions since 2015, is now heading to the Senate floor for the first time after […]
Reported by Jane Dalton Billionaire co-founder and chief executive of Louis Vuitton (LVMH), Bernand Arnault, is being investigated over his links to a Russian oligarch. Prosecutors in Paris are investigating financial transactions involving the French tycoon – the world’s second richest man – and businessman Nikolai Sarkisov. The inquiry is centred on property purchases in […]
Reported by Eve Sampson Criminal networks in Europe are increasingly mixing illicit finances with seemingly legal businesses, and exploiting new technology to grow their operations and launder money faster than authorities can keep up, a new Europol report revealed. Nearly 70% of criminal elements operating in the European Union use money-laundering techniques to garner revenue […]
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