The Following Has Been Published ON 15th June 2016 – Coming into force in accordance with Regulation 5 – THE JERSEY STATES, have made the following Regulations – in pursuance of Articles 1(9), 36(2) and 42A of the Proceeds of Crime (Jersey) Law 1999[1] and Articles 1(2), 11(4) and 44 of the Proceeds of Crime […]

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program. Ripple’s virtual currency is called XRP. FinCEN said Ripple “willfully violated several requirements of the Bank Secrecy Act (BSA).” “Virtual currency exchangers […]

The Liberty Reserve money laundering sting is just the tip of the iceberg and Australia is becoming a key place for online currency crime, says law enforcement lecturer at Charles Sturt University, Hugh McDermott. US prosecutors have announced what they say is the biggest international money laundering prosecution in history – a $US6 billion ($A6.2 […]

Mourant Ozannes briefing talks about MONEYVAL’s impending visit, this quarter Important developments for the regulation of financial services in Jersey. The new Financial Services Ombudsman and further information relating to funding and composition of the board are imminent. Anti-money laundering regulations and the Jersey Financial Services Commission (JFSC) proposes to publish a series of further […]

Canada is engaged in an important effort to reform its payment system. In recent years, there have been important legislative measures to enhance the payment system including the adoption of the Payment, Clearing and Settlement Act, and the Payment Card Network  Act. There was the appointment of an expert task force (the “Task Force”) that […]

In a short period of time, virtual currencies, such as Bitcoin, have developed into a powerful payment method with ever growing global acceptance. Virtual currencies offer an innovative, cheap and flexible method of payment. At the same time, the unique and often unfamiliar business model of virtual currencies poses a challenge to regulators around the […]

The Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services […]