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EU bank watchdog warns over Bitcoin

The European Union's banking watchdog on Friday issued a warning over virtual currency trading amid huge swings in the value of Bitcoin, a lack of regulation and money laundering risks.

Bitcoin rises above $1,000

The virtual currency bitcoin Wednesday broke above $1,000 per unit, quintupling in a month, according to Mt. Gox, which manages trading in bitcoin.

Thousands of endangered animals seized in customs operation

Police and customs officials have carried out the most widespread anti-wildlife-trafficking operation ever in a joint global operation that's led to the seizure of tens of thousands of endangered animals and the arrest of ...

Cryptocurrencies need close scrutiny, monitor warns

An international financial monitor warned world leaders Tuesday that wider use by retail shoppers of cryptocurrencies like Libra, unveiled last week by Facebook, would need "close scrutiny" by regulators.

Switzerland at epicentre of cryptocurrency revolution

Switzerland has become a global hub for cryptocurrencies and the blockchain technology they are built on, with investors flocking to the wealthy Alpine nation to get in on the virtual action.

Bank of England chief slams cryptocurrencies; urges action

Bank of England Governor Mark Carney has launched a withering attack on cryptocurrencies such as bitcoin Friday and urged regulators around the world to monitor them in the same way as other financial assets.

Easing stance, South Korea to adopt real-name crypto trading

Softening its tough stance on crypto trading for now, South Korea said Tuesday it would adopt a system requiring that transactions that until now were anonymous be traceable. It also will more closely monitor trading for ...

Bitcoin fever hits US real estate market

Bitcoin fever has hit the US real estate market, especially that of Florida, offering foreign investors a way to dodge currency controls at home and US economic sanctions.

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Money laundering

Money laundering is the practice of disguising illegally obtained funds so that they seem legal. It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.

In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.

In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to mean any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. In the UK, it does not even need to involve money, but any economic good. Courts involve money laundering committed by private individuals, drug dealers, businesses, corrupt officials, members of criminal organizations such as the Mafia, and even states.

As financial crime has become more complex, and "financial intelligence information gathering intelligence" (FININT) has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).

This text uses material from Wikipedia, licensed under CC BY-SA