US: DoJ INDICTS FOUNDER OF AML BITCOIN PROJECT FOR MONEY LAUNDERING

On 25 June, Coindesk reported that Texas resident Rowland Marcus Andrade, the founder of the NAC Foundation, allegedly raised funds by conducting an initial coin offering (ICO) for tokens representing AML Bitcoin, telling investors that the tokens would ultimately be converted into actual AML Bitcoin which, in 2018, was claimed to be “the world’s only patent-pending digital currency with anti-money laundering, know-your-customer, anti-terrorism and theft-resistant properties”. It is said that indictment claims that Andrade also claimed to have substantive meetings with the government of Panama and an elected official in California. The filing alleged that the Panama claims were “overstated,” and while “Andrade was present at a roundtable discussion and had his photograph taken with the [California] official,” “AML Bitcoin was not discussed”.

https://www.coindesk.com/doj-indicts-founder-of-anti-money-laundering-bitcoin-project-for-money-laundering

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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