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Taiwan: Money Laundering Control Act Amended, Regulating Virtual Currency Platforms

(Jan. 22, 2019) On November 7, 2018, Taiwan’s Money Laundering Control Act was amended to strengthen the legal compliance requirements for the internal control and auditing of financial institutions and to include virtual currency platforms within the regulatory scope of the Act. (Money Laundering Control Act (enacted Oct. 23, 1996, last amended Nov. 7, 2018), […]

Israel Becomes a Member of the Financial Action Task Force (FATF)

(Dec. 14, 2018) Israel became a full member of the FATF on December 10, 2018, following the publication of the FATF’s mutual evaluation report. (Israel Becomes a Member of the FATF, FATF (Dec. 10, 2018); FATF, Anti-money Laundering and Counter-Terrorist Financing Measures, Israel: Mutual Evaluation Report (Dec. 2018).) Congratulating Israel on its membership, FATF President […]

Liechtenstein: Government Adopts Consultation Report on Draft Blockchain Act

(Sept. 20, 2018) On August 28, 2018, the government of Liechtenstein adopted a consultation report on a proposed Blockchain Act. The goal of the Blockchain Act is to take advantage of the potential of blockchain technology, create legal certainty for market participants, protect users of blockchain technology from potential abuse, and reduce potential reputation risks […]

European Union: 5th Anti-Money Laundering Directive Enters into Force

(July 16, 2018) On July 9, 2018, the amendment of the European Union (EU) Anti-Money Laundering Directive (5th AMLD) entered into force. The AMLD obligates certain entities to fulfill customer due diligence requirements when they conduct business transactions and have in place policies and procedures to detect, prevent, and report money laundering and terrorist financing. […]

European Union: Provisional Agreement to Control Illicit Cash Flows in and out of the EU

(June 8, 2018) On May 23, 2018, the Council of the European Union (Council) and the European Parliament reached a provisional agreement on measures to control illicit cash flows in and out of the European Union (EU), in particular a revision of the Cash Controls Regulation (CRC). (European Commission Press Release IP/18/3867, Security Union: Commission […]

Mexico: Amendment to Anti-Money Laundering Law Pertaining to Cryptocurrencies

(May 22, 2018) Mexico’s Federal Law for the Prevention and Identification of Transactions with Resources of Illicit Origin (commonly referred to as the Anti-Money Laundering Law) was amended in March 2018 in order to regulate transactions with “virtual assets”—that is, cryptocurrencies. (Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita [Federal […]

Spain: Drug Trafficking Ring Using Cryptocurrency to Launder Money Arrested

(May 1, 2018) On April 9, 2018, the Guardia Civil (Spanish Police), in an operation called “Tulipán Blanca” (White Tulip), arrested eleven members of a drug trafficking ring that was laundering money using bitcoins. The police operation was coordinated with Europol, Finnish law enforcement authorities, and the US Department of Homeland Security. (Detenido un Tarraconense […]

Iran: IMF Evaluates Iran’s Legislative and Institutional Efforts to Combat Money Laundering and Terrorism Financing

(Apr. 13, 2018) In its March 2018 report assessing the economic situation in Iran, the International Monetary Fund (IMF) found that Iran had made progress in reforming its policies on combating money laundering and the financing of terrorism and was taking steps to improve the country’s connections to the international banking and trade system. (IMF, […]

Israel: New Law Restricts Use of Cash

(Mar. 27, 2018) On March 12, 2018, the Knesset (Israel’s Parliament) gave final approval for the Minimizing Use of Cash Bill, 5778-2018. The bill provides a monetary ceiling above which dealing in Israeli legal tender or in foreign currency in cash is prohibited. The restrictions will generally enter into effect on January 1, 2019. (Minimizing […]

China: New Rules Increase Restrictions on Overseas Cash Withdrawals

(Jan. 24, 2018) On December 29, 2017, China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), issued a circular regulating overseas cash withdrawals using Chinese bank cards. (Guojia Waihui Guanliju Guanyu Guifan Yinhangka Jingwai Da’e Tiqu Xianjin JIaoyi de Tongzhi [SAFE Circular on Regulating Large Overseas Cash Withdrawals on Bank Cards] (SAFE Circular) […]