NFT, MONEY LAUNDERING AND TERRORIST FINANCING

On 9 February, a report from ACFCS says that a recent US Treasury report opened up serious attention at the government level on NFT (Non-Fungible Tokens) from a money laundering and terrorist financing perspective. It says that the financial crime risks – and AML controls – related to NFT, fraud, the art world and crypto value blockchains have also risen in recent months for financial institutions after recent historic changes in the US to transform the compliance regime of the country from pleasing federal regulators to serving law enforcement.

https://www.acfcs.org/acfcs-special-contributor-report-it-starts-with-art-nfts-money-laundering-and-terrorist-financing/

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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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