FinCEN IDENTIFIES VIRTUAL CURRENCY EXCHANGE BITZLATO AS A “PRIMARY MONEY LAUNDERING CONCERN” IN CONNECTION WITH RUSSIAN ILLICIT FINANCE

On 18 January, a news release from FinCEN advised that FinCEN had issued an order that identifies the virtual currency exchange Bitzlato Limited as a “primary money laundering concern” in connection with Russian illicit finance.  This is the first order issued pursuant to section 9714(a) of the Combating Russian Money Laundering Act, as amended, The order prohibits certain transmittals of funds involving Bitzlato by any covered financial institution.

https://www.fincen.gov/news/news-releases/fincen-identifies-virtual-currency-exchange-bitzlato-primary-money-laundering

https://www.fincen.gov/sites/default/files/shared/FAQs_Bitzlato%20FINAL%20508.pdf

RUSSIAN OWNER OF CRYPTOCURRENCY EXCHANGE BITZLATO ARRESTED IN MIAMI

On 18 January, the Guardian reported that Anatoly Legkodymov, who lives in China, was arrested in Miami.

https://www.theguardian.com/technology/2023/jan/18/russian-cryptocurrency-exchange-arrested-bitzlato

https://mondovisione.com/media-and-resources/news/us-department-of-justice-founder-and-majority-owner-of-cryptocurrency-exchange/

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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