South Korea Changes Course and Begins Investigating CBDCs
John Anlyt, 13 June 2021
The central bank of South Korea (BOK) announced this week the launch of a second specialist team to supposedly develop a digital currency central bank (CBDC) a year after dissolving their first group of researchers.
The entity said it will rededicate itself to studying everything related to the creation and implementation of a CBDC, and the formation of the new research group appears to be a direct response to China’s plans to issue a digital yuan.
The announcement surprised the crypto ecosystem as it signifies a turnaround in South Korea . A little less than a year ago, the BOK stated that there was almost no possibility of a CBDC in the country, which is why the cryptocurrency and digital currency research task force was dissolved .
The beginning of 2020, with China’s firm decision to launch its own CBDC, caused the BOK to change its stance on the issue and claim that it is now ” in the process of investigating ” the possible issuance of its digital currency.
The BOK clarified that its team of researchers will be small, with an initial appointment of eight members specialized in areas as varied as IT, human resources, economics and management.
Popular exchange LocalBitcoins has been suspending user accounts in some countries in Africa, the Middle East and Asia without notice . As reported by Forbes these weeks, some users can no longer withdraw their bitcoins from the platform, who only communicated that it is due to a “process of improvements.”
The exchange made no further public comment on the matter. The first complaints began to be noticed last week , when LocalBitcoins users in countries such as Afghanistan, Iraq, Nigeria, Syria and Pakistan expressed that they could not withdraw their Bitcoins without deleting their accounts.
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Nigeria: Top Govt Officials Involved in Illicit Financial Flows, EFCC Alleges
Kasim Sumaina, 10 June 2021
The Economic and Financial Crimes Commission (EFCC), has accused Nigerian leaders and top government officials of aiding the Illicit Financial Flows (IFF) activities in the country.
The EFCC also revealed that corrupt government officials and their private sector collaborators used fronts and ownership structures that do not provide sufficient information about the true identities of the natural persons behind the title to hide illicit money and transferred same to safe havens abroad.
The Executive Chairman of the EFCC, Mr. Abduralsheed Bawa, disclosed this during a one-day conference that was organised by the Civil Society Legislative Advocacy Centre (CSLAC) on IFF on Corruption in Arbitration in Abuja Continue reading “Article: Nigeria: Top Govt Officials Involved in Illicit Financial Flows, EFCC Alleges”
Fortville woman convicted in $1.2M fraud case
Kristy Deer, 09 June 2021
HANCOCK COUNTY — A Fortville woman accused of working with co-conspirators overseas in a scheme that scammed deaf and elderly people across the country out of about $1.2 million has been convicted on multiple federal charges in a federal court in Harrisburg, Pennsylvania.
Donna L. Summerlin, 62, Fortville, was found guilty late last week following a seven-day jury trial held before United States District Court Judge Jennifer P. Wilson, the Department of Justice announced in a news release. The case, dating to 2018, was brought by the U.S. District Attorney’s Office for the Middle District of Pennsylvania.
Summerlin, who was convicted of conspiracy to commit mail fraud and wire fraud and conspiracy to commit money laundering, faces a long prison sentence.
According to acting U.S. Attorney Bruce D. Brandler, Summerlin was charged with taking money from victims in a so-called advance-fee scheme. Many of the victims were either elderly, deaf or both.
In the schemes, victims were contacted through Facebook and told they were winners of a “deaf lottery” or that they had been selected for special and exclusive government grants or other programs.
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Businessman convicted of money laundering at Kilkenny Court
Court Reporter, 26 May 2021
A businessman has been convicted of money laundering at Kilkenny Circuit Court. Bartholomew Ohanya, 42 Carin na Rí, Singland Road, Limerick, pleaded guilty to the charge.
The offence was discovered as gardaí investigated a report a lady in Spain had been deceived of €126,650.
Gardaí examined the accounts of the man who deceived her and could clearly see the money coming in. They could also see transfers from the man to Mr Ohanya. Between June 25, 2018, and September 4, 2018, there were five electronic transfers totalling €21,000. They also saw €25,000 in 14 cash lodgements from the man. Continue reading “Article: Businessman convicted of money laundering at Kilkenny Court”
Fed Govt seeks seizure, repatriation of illicit funds
Nduka Chiejina, 19 May 2021
The Federal Government yesterday appealed to countries that are the main destination for illicit financial flows (IFFs) to freeze, seize and repatriate such funds. Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed made the appeal during a virtual International Conference on Illicit Financial Flows (IFFs) and Asset Recovery.
According to her, countries that are the main destination for IFFs and their proceeds should take urgent steps to assist in combating this scourge, by preventing the inflow of illicit funds, freezing or seizing assets already in the country, and by ensuring that illicit funds and any proceeds are repatriated. The government is also leading the call for African countries to be present when decisions on IFFs are taken at a global level. Continue reading “Article: Fed Govt seeks seizure, repatriation of illicit funds”
$153m, 80 assets recovered from Diezani, says EFCC boss Bawa
Featured, News Update, 12 May 2021
If the words of the Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa, are anything to go by, former Pertoleum Resources Minister Mrs. Diezani Alison-Madueke would soon be repatriated.
He said several cases surround the one-time minister, who has been living in the United Kingdom (UK) since 2014. According to the anti-graft agency boss, $153 million and 80 properties have so far being seized from her. Continue reading “Article: $153m, 80 assets recovered from Diezani, says EFCC boss Bawa”
Will ‘Global Britain’ clamp down on money laundering?
Tom Burgis, 28 April 2021
In March 2014, a few days after Vladimir Putin’s forces invaded Crimea, a British official arriving for a meeting of the UK’s National Security Council failed to shield his notes from the Downing Street photographers. Any response to the Kremlin’s aggression should not, the notes read, “close London’s financial centre to Russians”. The government subsequently explained that it “wanted to target action against Moscow and not damage British interests”.
Seven years on, the assessment is very different. Last year’s report on Russia by parliament’s Intelligence and Security Committee — eventually published after a contentious delay — found that the warm British welcome for Russian money “offered ideal mechanisms by which illicit finance could be recycled through what has been referred to as the London ‘laundromat’”. Continue reading “Article: Will ‘Global Britain’ clamp down on money laundering?”