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Weekly Roundup: FBME Wins Preliminary Injunction Against FinCEN Designation, U.K. to Review AML Rules, and More Switzerland will soon adopt a law to expedite the return of stolen assets held in Swiss bank accounts, India and Germany have agreed to enhance the exchange of tax-related information, and more, in this week's roundup.
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August 28, 2015
World Bank Survey to Say MSBs Not as Risky as Believed A World Bank study set to be published next month will suggest that the compliance risks often associated with money remittance firms may not be as serious as they seem.
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August 28, 2015
Somalia-Bound Cash Declarations Doubled Following U.S. Account Closures, Says ICE Official Money remittance firms serving U.S.-based Somalis have more than doubled their monthly cash declarations at border crossings since last spring, according to data provided by an American official.
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August 28, 2015
OFAC Fines UBS $1.7 Million for Processing U.S. Investments for Suspected Terrorist UBS AG will pay the U.S. Treasury Department $1.7 million for processing transactions as recently as 2013 on behalf of an alleged terrorist blacklisted a month after the Sept. 11 attacks.
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August 27, 2015
FBME
A U.S. district judge on Thursday temporarily blocked the Treasury Department’s designation of FBME Bank Ltd. as a “primary money laundering concern,” citing the department’s failure to disclose public evidence against the Tanzania-based institution. More
Basel Institute Publishes Handbook on Tracing Illegal Assets The Basel Institute published a handbook titled Tracing Illegal Assets that contains information for practitioners on using the anti-money laundering framework in asset tracing, the use of corporate vehicles to conceal illegal assets and methods for understanding and tracing digital currencies.
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August 28, 2015
Kenyan National Sentenced to 15 Years for Providing Material Support to Three Terrorist Organizations According to the press release issued by the U.S. Attorney's Office for the Southern District of Florida, Mohamed Hussein Said was sentenced to 15 years in prison for his role in acquiring funds and recruiting foreign fighters for al-Shabaab, al-Qaida and al-Qaida in Iraq/al-Nusrah Front.
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August 28, 2015
17-Year Old Given 11 Year Sentence for Providing Information on Illicit Virtual Currency Use to ISIL According to the Eastern District of Virginia, Ali Shukri Amin was sentenced for providing material support to the Islamic State in Iraq and the Levant by giving instructions on how Bitcoin could be used to mask the provision of funds for the designated foreign terrorist organization.
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August 28, 2015
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From the Editor: Can Bitcoin be Saved from the ‘Dark Side?’

August 7, 2015

It has had a difficult childhood and a rocky adolescence, but Bitcoin is a pretty smart payment protocol that still has a promising future.

Trouble is, the virtual currency seems to have been adopted by lots of questionable characters, some of them outright criminals, including murderers, traffickers in human beings and drugs, extortionists and terrorists. So it’s reasonable to ask if Bitcoin can be saved from the dark side.


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DOJ: Hypothekarbank Lenzburg AG Fined $560,000 Under Swiss Bank Program The U.S. Justice Department entered into a non-prosecution agreement with the Lenzburg, Switzerland-based financial institution requiring it to make a complete disclosure of their cross-border activities and close all accounts of U.S. clients who fail to come into compliance with U.S. tax laws.
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August 27, 2015
OFAC Fines UBS AG $1,700,100 to Settle 222 Global Terrorism Sanctions Regulations Violations The U.S. Treasury Department's Office of Foreign Assets Control issued the monetary penalty against the Zurich, Switzerland-based bank to settle its potential liability for 222 apparent violations of the Global Terrorism Sanctions Regulations between Jan. 2008 and Jan. 2013.
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August 27, 2015
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