Sanctions in the Cryptocurrency Space: Current Trends and OFAC’s Best Practices for Compliance

February 28, 2021
By: Alejandro Leáñez, Reporter, ACSS

With hundreds of billions of dollars in transactions over recent years, virtual currencies are becoming a major player in the global economy. Some cryptocurrencies, like Bitcoin, can even fetch a price of over $48,000 per coin. Not surprisingly, their importance and rapid evolvement are increasingly catching the eye of regulators with a focus on rogue actors and strong compliance programs. (more…)

Regulators Worldwide Set Their Sights on Crypto

December 2, 2019 By: Natasha Bright, ACSS Reporter

The past year has seen a flurry of new regulations, laws, and guidance documents on cryptocurrencies. The Office of Foreign Assets Control (OFAC), the European Union (EU), the Financial Action Task Force (FATF), and various other governments are actively trying to regulate the space.

Sanctioned Nations Investigate Launching Cryptocurrency to Evade Sanctions

November 7, 2019 By: Natasha Bright, ACSS Reporter

Last month, there were news reports that claimed that North Korea was developing its own cryptocurrency. Like many things related to the secretive nation, there are not many details available. However, if true, that would make the country the latest to dabble in the creation of a sovereign coin that could potentially be used to evade sanctions. Venezuela, Iran, and Russia have also explored this option to varying degrees. Although, as yet, not successfully.

Do Cryptocurrencies Pose a Sanctions Risk?

October 04, 2019 By: Natasha Bright, ACSS Reporter

The virtual currency sector has exploded in the last few years. What began as one cryptocurrency in 2009 – Bitcoin – has ballooned into a market of more than 2200 in circulation as of July 2019. Even FaceBookcurrently has plans to roll out a new cryptocurrency – the Libra. The company has announced its target launch of the coin in the first half of 2020. Yet, financial institutions, regulatory bodies, and governments around the globe remain apprehensive about engaging with this sector due to its inherent risk. (more…)

Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
March 27, 2018

North Korea Generates $200 Million in Illicit Revenue and Continues to ‘Flout’ International Law - UN Report Claims

On March 5th, the United Nations (U.N.) Panel of Experts released its Report on North Korea sanctions pursuant to U.N. Security Council Resolution 2345 (2017) (the Report). The 298-page document details numerous examples of efforts by North Korea to evade U.N. sanctions and claims that the country has earned $200 million in 2017 concealing the origin of illicit exports. (more…)

Affiliate Members

Become a Member of ACSS