The Basel AML Index 10th Edition explore four aspects hindering the global fight against money laundering and terrorist financing (ML/TF). The first element crunched Financial Action Task Force (FATF) data on how jurisdictions are responding to money laundering threats related to virtual assets. The answer: not well at all. Excerpt from the full report:
The use of virtual assets such as cryptocurrencies is exploding – for legitimate as well as illicit purposes.
The use of virtual assets such as cryptocurrencies has expanded hugely around the world. Thousands of new users are added each day, and more individuals now use cryptocurrencies than trade on stock exchanges. Yet, as with all emerging technologies, there are risks that cryptocurrencies can be used for illegal activity such as money laundering and terrorist financing.
Released today, the 10th annual edition of the Basel AML Index raises grave questions about whether jurisdictions are serious about tackling their money laundering and terrorist financing (ML/TF) risks, and what is holding them back.
The Basel AML Index is an independent annual ranking that assesses ML/TF threats around the world and the capacity of jurisdictions’ anti-money laundering and counter financing of terrorism (AML/CFT) measures to address their specific risks.
** Update: After this blog was published, FinCEN announced an extension to the comment period for the proposed regulation on transactions to and from so-called unhosted wallets. See details here.**
The next Cryptocurrencies and Anti-Money Laundering Compliance Training course, scheduled to take place online from 8–11 February, is now open for registration.
The Basel Institute on Governance is offering a new Cryptocurrencies and Anti-Money Laundering Compliance Training course aimed at law enforcement officials, professionals in AML compliance and FinTech/RegTech fields, as well as policymakers and investigative journalists.
Delivered over four three-hour online sessions, the course covers the essentials of how to detect and prevent the use of virtual assets for illicit activities.
The 4th Global Conference on Criminal Finances and Cryptocurrencies, co-organised by the Basel Institute on Governance, INTERPOL and Europol and hosted this year by INTERPOL, closed yesterday with a convergence around seven key recommendations for strengthening the global response to new financial crime threats relating to cryptocurrencies.
The 4th Global Conference on Criminal Finances and Cryptocurrencies, hosted by Interpol, will take place virtually this year on 18-19 November 2020.
Co-organised by the Basel Institute on Governance, Interpol and Europol, the conference gathers cryptocurrency experts, money laundering investigators and other law enforcement representatives from around the world.
The next virtual training workshop on FinTech AML Compliance, delivered jointly by the Basel Institute and law firm MME, will take place on 27–28 October.
It's aimed at FinTech / RegTech managers, policy makers and compliance professionals who want to upgrade their knowledge and skills in anti-money laundering compliance in the world of blockchain and cryptocurrencies.
Join the Basel Institute's Federico Paesano and MME's Chris Gschwend for two days of online interactive classes, case studies and live demos.
This quick guide to cryptocurrencies and money laundering investigations addresses the use of cryptocurrencies such as Bitcoin or Monero to facilitate serious crimes or to launder stolen money. It was originally published in March 2019 and updated in August 2023.
It explores, in brief: