ChainCatcher news, according to Cointelegraph, Turkey is set to launch new cryptocurrency regulatory legislation in the last week of 2024, inspired by the proactive regulatory developments in major jurisdictions around the world, including Europe.According to the published document, the new rules require users conducting transactions exceeding 15,000 Turkish Lira (approximately 425 USD) to provide their identity information to cryptocurrency service providers in the country.This new Anti-Money Laundering (AML) regulation aims to prevent money laundering and the financing of terrorism through cryptocurrency transactions, and it will come into effect on February 25, 2025.

ChainCatcher news, South Korean lawmaker Choi Eun-sik has proposed an amendment to the "Foreign Exchange Transactions Act," aimed at preventing money laundering and other foreign exchange crimes related to virtual assets. The amendment proposes the establishment of a monitoring system for virtual asset transactions, the improvement of the institutional foundation for financial technology foreign exchange services, the enhancement of the convenience of foreign exchange transactions for individuals and businesses, and the strengthening of the intelligent construction of the foreign exchange monitoring system.He stated that the rapid development of virtual assets and financial technology in recent years has diversified cross-border transaction methods, but current laws have failed to cover these changes, leading to regulatory blind spots, particularly as money laundering involving virtual assets and illegal foreign exchange transactions have become increasingly serious.According to data from the Financial Intelligence Unit (FIU), the number of suspicious transaction reports from virtual asset merchants increased by 48.8% last year compared to the previous year. The Ministry of Finance plans to add definitions for virtual assets and virtual asset merchants next year and requires virtual asset merchants to register before conducting cross-border transactions and to regularly report users' transaction records to the Bank of Korea.The amendment is expected to be implemented in the second half of next year.

ChainCatcher news, according to the Workers' Daily report, the Beijing People's Procuratorate has released the work situation of the "Procuratorial Protection for Enterprises" special action and published typical cases. In a case of embezzlement, the defendant defrauded the company of over 140 million yuan, and the procuratorial authorities tracked the virtual currency to recover losses.Between 2020 and 2021, Feng, taking advantage of his position at a certain technology company's service provider and regional operations growth department, conspired with Tang and Yang to defraud the company of service provider bonuses totaling over 140 million yuan. Subsequently, Feng directed Tang and Yang to use eight overseas virtual currency trading platforms to convert the involved funds from yuan to virtual currency, obfuscating the source and nature of the funds through overseas "mixing" platforms, and transferring them in multiple layers. Part of the involved funds flowed into accounts controlled by Feng and others in yuan form, while some were concealed by Feng and others in virtual currency form.In response to the defendants' distribution of profits using virtual currency and the obfuscation of fund flows through overseas "mixing" platforms, the procuratorial authorities conducted a line-by-line comparison and two-way review of virtual currency and legal tender, accurately identifying the flow of funds. This ultimately prompted Feng to return 92 bitcoins, recovering over 89 million yuan in illicit gains, maximizing the economic losses recovered for the victimized unit.On September 14, 2024, the Beijing First Intermediate People's Court issued a judgment, sentencing defendant Feng and seven others for embezzlement, with prison terms ranging from 14 years and 6 months to 3 years, along with corresponding fines. The judgment has taken effect.

Message: The security product MistTrack under the Slowmist team has released the latest progress on the DEXX hacker incident: As of now, the hacker has laundered 6432.4 ETH through Tornado Cash. The main EVM address 0xFFB9...8228 has a balance of $19,446, distributed across Ethereum, BSC, and BASE chains; the Solana address 4smi8...HLd has a balance of $59,540, and GPuNX...RKgt has a balance of $2,200.Since November 16, the total amount of funds reported stolen by the community is approximately $23 million (affected by price fluctuations).MistTrack stated that it has assisted in the investigation for a month, and the incident is nearing its conclusion. Future updates will be reduced, and for more information, please pay attention to the official announcements from DEXX.

ChainCatcher news, according to China National Radio, the Economic Investigation Team of the Public Security Bureau of Tie Dong District, Siping City, Jilin Province, China, successfully cracked a money laundering case involving a gang that used the virtual currency USDT to help financial fraud criminals transfer illicit funds. This was achieved through tracing the flow of funds and digging deep into clues during the investigation of a financial fraud crime. The criminal gang had clear divisions of labor and used various means to evade detection during their operations.Upon investigation: The suspect Liu, in collusion with Zhao, Wang, and others, from December 2023 to May 2024, knowingly assisted buyers whose funds were derived from financial fraud to profit from it. Liu first deceived others into providing their bank accounts under the pretense of needing them to process loans to prove repayment ability. The deceived bank accounts were then used to receive funds obtained from financial fraud. Liu subsequently instructed the involved parties to withdraw cash from the bank and hand it all over to Liu, who then transferred it to Zhao and Wang, who deposited the cash into their respective bank accounts. The two helped the financial fraud gang launder money by buying and selling "U coins" on digital currency trading platforms, profiting from the transactions. The gang laundered over 100,000 yuan in total.Currently, members of this money laundering criminal gang have been subjected to criminal coercive measures by the public security authorities, and the case is under further investigation.

ChainCatcher News, the U.S. Treasury Department announced on Tuesday that it has taken action to shut down a North Korean cryptocurrency money laundering network that has laundered millions of dollars for North Korea, a major player in global crypto crime.According to a press release from the U.S. Treasury's Office of Foreign Assets Control (OFAC), a shell company based in the UAE named Green Alpine Trading, LLC was found to be exchanging cryptocurrency for cash, providing funding to North Korea. The U.S. government's sanctions office has blacklisted the company and sanctioned two Chinese nationals who have been involved in the network since 2022.The press release stated that the UAE cooperated with the U.S. in this operation. It is currently unclear what has happened to the two sanctioned Chinese nationals—Lu Huaying and Zhang Jian. According to the press release, they collaborated with North Korea's "agent" Sim Hyon Sop to engage in illegal activities.

ChainCatcher news, Australia's national financial intelligence agency has listed cryptocurrency as a priority for the coming year and is establishing a new working group to crack down on cryptocurrency ATM providers that may violate anti-money laundering laws.In a statement on December 6, AUSTRAC CEO Brendan Thomas said the government agency will shift its focus to the cryptocurrency industry in 2025. He stated, "Cryptocurrency and crypto ATMs are enticing avenues for criminals to launder money because they are easily accessible and allow for near-instant and irreversible transfers. This is the first step AUSTRAC is taking to reduce cryptocurrency crime in Australia. Next year, we will focus on this industry."According to AUSTRAC, the working group will focus on ensuring that crypto ATM operators meet minimum standards to minimize the risk of illegal cash being funneled through the machines. Leading cryptocurrency ATM providers in Australia include Coinflip, which has 680 ATMs; Localcoin, with 465 ATMs; and Cryptolink, with 75 ATMs.Crypto ATM operators have been required to register with AUSTRAC, conduct transaction monitoring, and perform Know Your Customer (KYC) information checks on users.

ChainCatcher news, according to the Financial Times, the UK's National Crime Agency (NCA) has announced the successful dismantling of a large-scale cryptocurrency money laundering network spanning London, Moscow, and Dubai. The case primarily involves two companies: Smart and TGR, which acted as financial intermediaries, providing cross-border money transfer services for cash-rich criminals and sanctioned individuals worldwide through cryptocurrency.The investigation revealed that this network provided services to criminal organizations, ransomware gangs, and Russian espionage activities, including the Kinahan drug trafficking group, from the end of 2022 to the summer of 2023. Its operation involved couriers collecting cash in the UK and elsewhere, exchanging it for cryptocurrency primarily in USDT, and then laundering the money through a network of companies, providing equivalent funds in other countries.Ekaterina Zhdanova, the 38-year-old owner of Smart, a resident of Moscow, has been accused of transferring over $100 million to an unnamed sanctioned oligarch in the UAE, and is currently under U.S. sanctions and detained in France. The money laundering network collected cash at 55 different locations across England, Scotland, Wales, and the Channel Islands in just four months, serving at least 22 criminal groups.NCA's action director Rob Jones stated that this is the agency's most significant anti-money laundering operation to date. Law enforcement has arrested 84 individuals and seized a total of £20 million in cash and cryptocurrency. The U.S. Treasury has imposed economic sanctions on five individuals and several companies involved. The operation was assisted by the U.S. FBI, DEA, as well as police forces from France and Ireland.

ChainCatcher news, according to Blue Whale News , TRON blockchain founder Justin Sun held a media conference for "The Most Expensive Banana"《Comedian》in Hong Kong and publicly ate a banana, in response to previous allegations that the banana auction event was malicious hype and involved money laundering.Justin Sun denied the allegations and stated: "Regarding the so-called money laundering allegations, I want to say that this is impossible. The world's most famous auction houses, like Sotheby's, have very strict anti-money laundering measures, and every transaction undergoes rigorous scrutiny. All my investment activities are transparent and compliant."

Coinbase CEO Brian Armstrong stated on the X platform that anti-money laundering (AML) regulations are a failed policy, costing about $213 billion each year and harming the interests of legitimate consumers (as seen in multiple de-banking events), and according to United Nations data, this only prevents about 0.2% of illegal activities. This sounds like a job for the Department of Government Efficiency (DOGE).

ChainCatcher message, Binance announced that in order to comply with the new amendment to Taiwan's anti-money laundering law effective on November 30, 2024, all merchants in the New Taiwan Dollar (TWD) market, including cash merchants, who have not obtained P2Pro certification (approved by the Financial Supervisory Commission of Taiwan for anti-money laundering compliance) will have their advertisements removed from Binance P2P's TWD market on November 29, 2024. Affected merchants are prohibited from posting any advertisements related to the New Taiwan Dollar or providing services for buying and selling New Taiwan Dollars and virtual assets on the platform.Binance urges all affected merchants to raise awareness and plan ahead, applying for anti-money laundering registration with the FSC starting from November 30, 2024, and applying for P2Pro merchant status after obtaining approval.

ChainCatcher news, the revised Anti-Money Laundering Law of the People's Republic of China will come into effect on January 1, 2025. The Secretary of the Party Leadership Group and Chief Prosecutor of the Supreme People's Procuratorate, Yin Yong, emphasized the need to strengthen the fight against money laundering crimes in a coordinated manner, accurately grasp the provisions of the revised Anti-Money Laundering Law regarding the improvement of the scope of upstream money laundering crimes, comprehensively implement the Anti-Money Laundering Law and the Criminal Law's provisions on "money laundering," accurately apply the "Two Highs" interpretation on several issues concerning the application of laws in handling criminal cases of money laundering, deepen the three-year action plan for combating and governing money laundering violations, punish money laundering and related crimes according to law, enhance the ability to combat money laundering crimes using new technologies, new products, and new businesses such as virtual currencies, and form a joint force against such crimes.

ChainCatcher news, the Financial Supervisory Commission (FSC) of Taiwan will implement new anti-money laundering (AML) rules on November 30, a month earlier than initially planned, as the regulator accelerates its anti-fraud efforts.The new rules require crypto service providers, such as cryptocurrency exchanges, to complete AML compliance registration. Non-compliance may result in penalties, including up to two years of imprisonment and fines of up to 5 million New Taiwan Dollars (approximately 153,700 USD).In a statement on Wednesday, the FSC indicated that overseas "virtual asset service providers" (VASP) must establish a company or branch in accordance with Taiwanese company law and complete the necessary AML registration before conducting business in Taiwan. These new regulations were introduced following amendments to the law in July.

ChainCatcher news, according to Yonhap News Agency, Kim Byoung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, announced that the government will take strong measures to prevent virtual assets from becoming a "loophole" in the anti-money laundering system.At the 18th Anti-Money Laundering Day ceremony, Kim Byoung-hwan emphasized that cases of virtual assets being misused for illegal activities are not uncommon.He also added that future amendments to the Foreign Exchange Transaction Act will require virtual asset service providers participating in cross-border transactions to register in advance and report transaction details to ensure that virtual assets are not used for illegal fund transfers or tax evasion.

ChainCatcher news, according to official documents, a federal jury in Massachusetts found 36-year-old Alan Joseph from Lancaster guilty of illegally operating a cryptocurrency exchange business on November 22.Prosecutors accused him of conducting at least four illegal cash-to-Bitcoin transactions between August 2020 and February 2021, including a suspicious transaction of $25,000. The court determined that Joseph violated federal law by converting cash from suspected counterfeit luxury goods transactions into Bitcoin without registering as a money transmission business.According to sentencing guidelines, money laundering can carry a maximum sentence of 20 years in prison, while illegally operating a money transmission business can result in a maximum of 5 years in prison, with each charge carrying a maximum fine of $250,000. The court is scheduled to deliver its sentence on February 24, 2025.

ChainCatcher message, Musk responded on X to "a banana taped to a wall sold for $6.2 million" by stating: "Art is often used for money laundering and tax evasion. This largely explains the apparent absurdity."

ChainCatcher news, according to Cryptoslate, the Swiss Financial Market Supervisory Authority (FINMA) has expressed concerns about the increasing money laundering risks in the cryptocurrency sector. FINMA's 2024 Risk Monitoring Report elaborates on this warning, highlighting the growing misuse of digital assets such as cryptocurrencies and stablecoins for illegal activities.The report notes that stablecoins are increasingly used for illicit transactions, such as evading sanctions. This trend complicates law enforcement efforts and increases the legal and reputational risks for financial institutions that lack robust risk management strategies. Regulators emphasize the need for stronger measures to address vulnerabilities associated with the misuse of digital assets.To this end, FINMA has implemented measures for institutions to mitigate these risks, including targeted supervision and enhanced risk management requirements. Broader efforts include on-site inspections and revisions to audit plans aimed at strengthening anti-money laundering defenses. Regulators also call for the establishment of clear definitions of risk tolerance and effective risk management practices, particularly for institutions dealing with politically exposed persons or high-risk industry clients.

ChainCatcher news, according to DL News, U.S. prosecutors are seeking to confiscate two properties belonging to Tornado Cash co-founder Roman Storm (valued at a total of $3.1 million) and a Tesla Model Y, claiming these assets are derived from illegal proceeds.Tornado Cash has gained significant attention for concealing crypto transactions but has also been exploited by criminals for money laundering. In 2022, the U.S. imposed sanctions against it. This year, Storm has been charged with three counts, including money laundering and violating sanctions, while another developer, Alexi Pertsev, has been sentenced to five years in prison.Storm's team cited freedom of speech as a defense, but the judge dismissed the request. Crypto privacy advocates strongly oppose this, arguing that developers should not be held responsible for the misuse of their tools. Storm's trial has been postponed until April next year, with defense costs estimated to reach up to $500,000 per month.