News & Analysis as of September 21, 2024

Virtual Currency › Law Enforcement

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

In the First Use of Its Section 9714 Powers, the U.S. Treasury Designated Bitzlato as a Russian-Linked Primary Money Laundering...

Skadden, Arps, Slate, Meagher & Flom LLP on 2/7/2023

On January 17, 2023, U.S. law enforcement authorities in Miami arrested Anatoly Legkodymov, a Russian national and the founder and majority owner of Hong Kong-based virtual currency exchange Bitzlato Ltd., on charges of money...more

Key Takeaways | Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW

McDermott Will & Emery on 7/28/2021

During a recent program discussing the latest government enforcement efforts related to cryptocurrency, we spoke with Gary Alford, one of the leading Internal Revenue Service (IRS) agents in their crypto enforcement efforts,...more

[Webinar] Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW - June 28th, 12:00...

McDermott Will & Emery on 6/15/2021

Following the US Internal Revenue Service’s (IRS) announcement of “Operation Hidden Treasure,” companies and individuals should prepare for increased scrutiny of virtual currency transactions. Unveiled in March, the operation...more

Legislative Reform Will Reinvent the US Anti-Money Laundering Regulatory Landscape

Pillsbury Winthrop Shaw Pittman LLP on 1/6/2021

New federal requirements in the annual national defense budget reauthorization effectively will end anonymous U.S. shell companies by requiring businesses to disclose 25 percent owners and control persons to a newly created...more

Israel: How to Identify Suspicious Use of Virtual Currencies

Barnea Jaffa Lande & Co. on 7/6/2020

Prompted by the use of digital currencies to fund terror and other illegal activity, the Israel Money Laundering and Terror Financing Prohibition Authority has published a document aimed at assisting financial bodies and law...more

Virtual Currency as a Threat to National Security?

King & Spalding on 3/12/2020

In the past, sanctioned jurisdictions like Venezuela have embraced virtual currency as a way to bypass channels that involve U.S. dollars, blunting the impact of U.S. economic sanctions policies aimed at isolating those...more

Can New Beneficial Owner Identification Requirement for Cash-Only Real Estate Deals in Miami and New York City Be Avoided if...

Manatt, Phelps & Phillips, LLP on 2/9/2016

Why it matters - After years of concern about money laundering through shell corporations, repeated legislative and regulatory efforts to gain more information on beneficial owners of entities involved in various types...more

UK Treasury Calls for Information on Digital Currencies

Katten Muchin Rosenman LLP on 11/12/2014

On November 3, the UK Treasury issued a call for information on digital currencies, including Bitcoin. Views are being solicited from the public, the financial services industry, regulators, and law enforcement agencies....more

CFPB to Assume a Larger Role in Virtual Currency Initiatives

Morrison & Foerster LLP on 7/8/2014

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

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Virtual Currency › Law Enforcement

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