Fun

Cyprus calls for collective crackdown on crypto terror financing

News Feed - 2024-07-10 08:07:16

Arijit Sarkar12 hours agoCyprus calls for collective crackdown on crypto terror financingThe alert serves as a reminder of the critical role financial professionals play as gatekeepers in the fight against financial crime.757 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA Cyprus regulatory authority has called on accounting and audit professionals to help detect and prevent terror financing activities, emphasizing a special focus on five methods of fund transfer, including cryptocurrencies.


The Institute of Certified Public Accountants of Cyprus (ICPAC), a regulator dedicated to the accountancy profession in the island nation, issued a “terror financing alert” to combat the offense.Aiding the law enforcement


While law enforcement agencies primarily deal with financial crimes like money laundering and terror financing, ICPAC wants to involve accounting professionals in oversight. The regulator said:“These days, given the nature of services provided and the role of professionals as gatekeepers, it is a requirement for obliged entities to take an active role in the prevention phase.”


According to the ICPAC, terrorist organizations use five methods for transferring funds. These include donations via nongovernmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies and shell companies.Directive to monitor crypto transactions


When it comes to using cryptocurrencies, the ICPAC wants accountants to be vigilant about anonymous cross-border peer-to-peer transfers, crowdfunding, charities and anonymous online fund-raising campaigns.


The ICPAC directed its members, associated firms and compliance officers to report suspicious transactions and reminded them that failing to do so will be considered an offense.Cyprus regulator’s recommendation for investigating suspicious crypto transfers. Source: icpac.org.cy


As a result, flagged transactions will be subject to scrutiny, which involves profiling individuals, screening crypto wallets and transactions and implementing specialized blockchain tools.


Related:Cyprus keeps FTX Europe license suspended until September


According to a United States Treasury official, Palestinian militant groups, including Hamas, used small amounts of cryptocurrencies to fund terrorist activities but widely preferred “traditional products and services.”Source:Tom Emmer


Palestinian Islamic Jihad collected $12 million through crypto fundraisings, which was confirmed by blockchain analytics firm Elliptic. The finding contradicted a Wall Street Journal report that initially claimed it received $93 million and $41 million between August 2021 and June 2023.


However, Elliptic confirmed there was “no evidence to suggest that crypto fundraising has raised anything close to this amount” and forced the Journal to correct its original findings.


“To be clear,” Representative Tom Emmer prompted the Treasury’s Undersecretary for Terrorism and Financial Intelligence Brian Nelson, ”Hamas is using crypto in relatively small amounts compared to what’s been widely reported, that’s correct?”


“That’s our assessment, yep,” Nelson answered.


Magazine:‘Raider’ investors are looting DAOs — Nouns and Aragon share lessons learned# Business# Adoption# Terrorism# Counter Terrorism Financing# RegulationAdd reaction

News Feed

Car Manufacturer Maruti Suzuki Launches Metaverse Showroom Experience in India
Car Manufacturer Maruti Suzuki Launches Metaverse Showroom Experience in India Maruti Suzuki, one of the biggest car manufacturers in India, has announced that it is taking its cus
Marcel Pechman5 hours ago3 reasons why Bitcoin is struggling to rally above $28.5KBitcoin started the week with an uptick in investor sentiment, but there are three major factors preventing BTC price from recapturing the
Ethereum Breaks Out Of Descending Triangle Pattern – Fakeout Or Recovery Rally?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Helen Partz13 hours agoCoinbase wins NFA approval to offer Bitcoin and Ether futures in USCoinbase is preparing to roll out cryptocurrency futures trading for institutional investors in the United States.4880 Total views
Kevin O’Leary Reveals Crypto Strategy, Why He Prefers Ethereum, Says NFTs Will Be Bigger Than Bitcoin
Kevin O"Leary Reveals Crypto Strategy, Why He Prefers Ethereum, Says NFTs Will Be Bigger Than Bitcoin Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared his crypto
US judge approves Terraform’s $4.5B settlement with SEC
Jesse Coghlan1 hour agoUS judge approves Terraform’s $4.5B settlement with SECA New York district court judge has rubber-stamped Terraform Labs and Do Kwon’s nearly $4.5 billion settlement with the SEC.451 Total view
Crypto is democratizing investment banking options—Lightspark founder
Vince Quill4 hours agoCrypto is democratizing investment banking options—Lightspark founderCryptocurrencies will challenge the current banking hegemony layer-by-layer, the speakers noted at the 2024 Bitcoin event in Na
If Stablecoins Are Going to Be Regulated Like Banks, They Should Enjoy All the Benefits
If Stablecoins Are Going to Be Regulated Like Banks, They Should Enjoy All the Benefits The U.S. Treasury Department proposed regulating stablecoin issuers as banking institutions,
These Factors Will Drive XRP Price To $25-$75 In June – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Zambia Testing Technology to Regulate Cryptocurrency — Government Minister
Zambia Testing Technology to Regulate Cryptocurrency — Government Minister The Bank of Zambia and the country’s securities regulators are currently testing the technology t
CFTC Chair Says Ether Futures ‘Likely’ in 2020
Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert believes the crypto world will see ethereum futures contracts sometime in 2020. Speaking at Georgetown University
Bitcoin bulls were obliterated, but is it time to catch the falling knife?
Marcel Pechman7 hours agoBitcoin bulls were obliterated, but is it time to catch the falling knife?Bitcoin derivatives show traders’ morale is low, weakening the odds of a 20% rise from the $49,320 BTC bottom.4858 Tota