Last month’s
post explained how setting up a dummy company can help seal a deal. Unfortunately, dummy companies can be used for far more nefarious purposes, including money laundering, terrorism financing, and tax fraud. For example,
60 Minutes revealed how high-end real estate has been snatched up by dummy companies linked to foreigners with ties to organized crime, despotic regimes, or both.
They were able to use dummy companies to anonymously move money into the United States, because most States do not require organizers of corporations or LLCs to disclose their true owners. That’s the case in Texas. The certificate of formation for a
Almost all countries increased regulation of the crypto finance industry in 2020. The COVID-19 pandemic provoked a significant boost of digital crimes, including money laundering, terrorist financing, online black marketing and other related criminal activity.
Certain jurisdictions have already implemented the legal framework, while others are just getting ready to do so. Although even pending legislative initiatives may make a big difference in the near future of the global financial system.
BASIS ID compliance team gives you an overview of the regulatory changes in crypto finance 2020- early 2021.
BASIS ID is a company of the ZignSec group. The software of BASIS ID verifies over 3,000 government-issued documents from more than 190 countries.
Beneficial Ownership Reporting Requirements under the New Corporate Transparency Act – Main Street meets the Feds | K&L Gates LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
An Overview About Privacy Coins in 2021: What’s Ahead?
Reading Time: 6min read
Maybe some people still believe it, but Bitcoin isn’t really anonymous. Indeed, isn’t anonymous at all: all the transactions in this currency are recorded in a public and widely-available-online ledger. Tracking the funds and the parties behind them isn’t that hard, and that’s why privacy coins were created.
The privacy coins are cryptocurrencies with in-design functionalities for higher privacy. Some of them are private by default, while others let the users decide if they want to activate the functionality or not. Some known privacy coins so far are Monero (XMR), Zcash (ZEC), Grin (GRIN), Zcoin (XZC), Verge (XVG), and even John McAfee’s crypto Ghost (GHOST).
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The U.S. Anti-Money Laundering Act of 2020 (AML Act) became law on January 1 when the United States Congress passed the broader National Defense Authorization Act for 2021 over a presidential veto. Although it is a U.S. law, it is critical that non-U.S. financial institutions, particularly those that rely on U.S. correspondent banking relationships or transact in U.S. dollars, understand how the AML Act will impact them both directly and by shaping U.S. actors’ expectations for their foreign partners. In general, the AML Act aims to improve coordination and information sharing; to modernize the U.S. anti-money laundering/combating the financing of terrorism (AML/CFT) regime; to encourage adoption of new compliance technologies; to reinforce the risk-based approach; and to create beneficial ownership reporting requirements to prevent illicit activity and protect U.S. national security.