Category: Business

Interest in CBDC picks up in Latin America

Latin America and the Caribbean (LAC) are at the forefront of digital money adoption, offering valuable lessons for the rest of the world. While El Salvador has made headlines by granting legal tender status to Bitcoin, other LAC countries have made significant strides in the introduction of central bank digital currencies (CBDCs) to either enhance financial inclusion and payment systems’ resilience or lower cross-border remittances’ costs, as our recent research shows.

Key Components of US Anti-Money Laundering (AML) Law

On January 1, 2021, the US Congress enacted the FY2021 National Defense Authorization Act (NDAA). Incorporated within the NDAA is the Anti-Money Laundering Act of 2020 (AML Act), which created the most significant reforms to US anti-money laundering laws since the passage of the 2001 USA PATRIOT Act. These reforms have implications for companies and individuals with foreign operations and foreign bank accounts, virtual and cryptocurrency companies, and even art dealers, advisers and consultants. Key provisions of the AML Act are detailed below.

Two men sentenced to prison in $30 million pyramid scheme

Richard G. Maike was sentenced this week to 10 years in prison for running a pyramid scheme in 2013 and 2014. Doyce G. Barnes was sentenced today to 4 years in prison for his role in the pyramid scheme. The defendants were convicted after a federal jury trial that started in Owensboro, Kentucky on July 12, 2022, and concluded with the jury’s verdict on September 7, 2022, after four hours of deliberation.

Four men convicted of financial crimes involving money laundering

On May 24, 2022, a former Louisville, Kentucky resident was convicted and sentenced for conspiring to commit money laundering by assisting in the unlawful purchase of automobiles with criminal proceeds. On May 26, 2022, a Prospect, Kentucky resident was convicted and sentenced for a financial crime involving money laundering. Also, the use of a nominee to purchase automobiles in order to conceal the source of the funds used. These convictions follow financial crime convictions of two additional men, one earlier this year, and the other last year.