News Mexican Сartels are Using Crypto for Money Laundering

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Criminal syndicates in Latin America are using crypto assets to launder funds, according to by criminal syndicates in Latin America, according to the Reuters report. Latin cartels would typically deposit their ill-gotten gains into various bank accounts as sums of less than $7,500 — amount that would prompt banks to flag a transaction. The funds are then used to make a myriad of small quantities of BTC, which can then be transferred without much friction across borders. Rolando Rosas, the head of the Mexican attorney general’s office’s Cyber Investigations Unit, told that law enforcement lacks the resources needed to tackle crypto-fueled money laundering. Crypto-related scams have also increased this year amid the ongoing global pandemic. A 2018 law requires that registered crypto trading platforms have to report transfers exceeding 56,000 Mexican pesos (approximately $2,800). Local authorities hope this can assist them in responding to organized crime’s use of digital assets.

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French Crypto Providers Ordered to Reveal Crypto Holders Identity
The Ministry of the Economy and Finance of France ordered to cryptocurrency providers to reveal the identity of crypto owners to stop and prevent terrorism financing. The Finance Minister of France Bruno Le Maire mentioned an incident that occured in September 2019 when a terrorist unit apparently was financed from anonymous cryptocurrency accounts. The Finance Ministry outlined that registration is compulsory for international companies planning to enter France’s cryptocurrency market. Bruno Le Maire asked crypto providers to ban anonymous crypto wallets. Crypto regulations remain in a grey area in most countries. France plans to fight against anonymous digital transactions with the recent KYC measures. The French finance minister also criticized Facebook-backed stablecoin earlier.

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German Bank Issues First-Ever Euro Stablecoin
German Bankhaus von der Heydt (BVDH), one of the oldest banks in Europe, has teamed up with blockchain technology provider Bitbond to issue the first-ever Euro stablecoin (EURB). The Euro stablecoin is the first stablecoin launched directly by a bank on the Stellar Network in the European crypto market. The stablecoin is now available for trading. Launched in 1754, BVDH is focused on institutional clients. The Stellar Development Foundation played a key role in the development of EURB. The organization provided support in consultation and the technical integration of EURB. The BVDH’s partnership with the digital asset custody technology provider, Bitbond has helped the German bank to integrate DLT technology in its securitization business.

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