Posts Tagged ‘money laundering’

Bill Winters: Digital Money Laundering

Posted by admin on Monday, May 21, 2018

Bill Winters Money Quote saying digital crime is increasingly sophisticated and the bad guys appear to be winning at money laundering. Bill Winters said:
 
Criminals are no longer simply winning money laundering; they're harnessing digital capabilities to change the game Quote
 

Criminals are no longer simply winning when it comes to money laundering; they’re harnessing a growing arsenal of digital capabilities to completely change the game.” — Bill Winters

 

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In this quote, Bill Winters is referring to how criminals who engage in money laundering are no longer just profiting from that illegal activity. He notes that they have moved beyond “simply winning” and are now using increasingly sophisticated “digital capabilities” and technologies to radically transform how money laundering is carried out.

Winters suggests that criminals have harnessed powerful new tools that allow them to completely change the strategic landscape and game when it comes to concealing the illegal origins of funds. His point is that money laundering has advanced well beyond traditional analog methods, and the digital era has enabled criminal networks to innovate in ways that make their operations far more difficult to detect and disrupt.

Joseph Stiglitz: Bitcoin Money Laundering

Posted by admin on Saturday, February 3, 2018

Joseph Stiglitz Money Quote saying he believes that people want digital currency like Bitcoin only to circumvent the law – so he thinks it will implode without illicit uses. Joseph Stiglitz said:
 
When you regulate it so you couldn’t engage in money laundering, there will be no demand for Bitcoin Quote
 

“When you regulate it so you couldn’t engage in money laundering, there will be no demand for Bitcoin” — Joseph Stiglitz

 

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In this money quote, economist Joseph Stiglitz is referring to the cryptocurrency Bitcoin. He is suggesting that if governments were to implement strong regulations that effectively prevent the use of Bitcoin for money laundering activities, it would significantly reduce the overall demand for Bitcoin.

Stiglitz seems to be implying that a large part of Bitcoin’s popularity and value currently stems from its ability to facilitate illegal transactions like money laundering in a pseudonymous manner.

So in his view, regulating Bitcoin in a way that eliminates this anonymity and cracks down on its illicit uses would undermine an important driver of its adoption and valuation.

Why do people want Bitcoin? For secrecy, according to the economist Joseph Stiglitz. The world's biggest cryptocurrency should be regulated "out of existence," says the Columbia University professor, seen in @sdawsonphoto's portrait. And it exists only because of abuses to the financial system, he's told us at the World Economic Forum in Davos. There's been intense speculation about whether Bitcoin has peaked. It reached as high as $19,511 before Christmas but is now back down around $11,000. #WallStreet #business #bitcoin #cryptocurrency #crypto #currency #forex #money #finance #invest #investment #economics #rich #wealth #millionaire #billionaire #entrepreneur #entrepreneurs #startup #technology #tech #computer #geek #geeks #quote #quotes #quoteoftheday #powerful #successful

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Joseph Stiglitz believes that Bitcoin and other cryptocurrencies are mainly used for illicit activities like money laundering. He thinks that if cryptocurrencies were strictly regulated so they could no longer be used for illegal purposes, then there would be little legitimate demand or value for them. Stiglitz argues that without their ability to circumvent laws and regulations, cryptocurrencies would lose much of their utility and appeal, causing their value and use to significantly decline or “implode.”

Ron Wyden: Money Laundering Trump

Posted by admin on Thursday, May 25, 2017

Ron Wyden Money Quote saying Money laundering or improper financial dealings with Russian government should be the focus of investigations into Donald Trump campaign. Ron Wyden said:
 
money laundering, corruption of any kind, or fishy real estate deals point to the Russian oligarch’s criminal elements Quote
 

“The committee needs to follow the money wherever it leads. Because if money laundering, corruption of any kind, or fishy real estate deals point to the Russian oligarch’s criminal elements, then the Russian government may only be a step or two away from us” — Ron Wyden

 

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In this quote, Ron Wyden is calling for thorough scrutiny of financial dealings and transactions that could reveal illicit connections between Russian oligarchs and the Russian government.

By stating that the committee should “follow the money wherever it leads” to uncover “money laundering, corruption of any kind, or fishy real estate deals” linked to Russian tycoons, Wyden implies these avenues must be diligently investigated to determine if they point to involvement or influence from “the Russian government” as well.

The interpretation is that Wyden wants monetary trails exhaustively traced to uncover underhanded activities and determine the extent of the Russian state’s potential participation in or awareness of wrongdoing, since the “Russian oligarch’s criminal elements” may have close official ties.

Wyden’s perspective conveys that rigorous review of oligarchs’ financial dealings is needed to evaluate whether the Russian government could be “only a step or two away” from any corruption, based on its relationships and possible coordination with wealthy private citizens.

The overall message is one of thorough fiscal scrutiny as a means of evaluating state complicity or proximity to illicit oligarch activities that crossed legal and ethical lines.

Maria T. Vullo: Money Laundering Bank

Posted by admin on Tuesday, August 23, 2016

Maria T. Vullo, New York Department of Financial Services Superintendent said:
 
Maria T. Vullo DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions quote
 

“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions. The compliance failures that DFS found at the New York Branch of Mega Bank are serious, persistent and affected the entire Mega banking enterprise and they indicate a fundamental lack of understanding of the need for a vigorous compliance infrastructure. DFS’s recent examination uncovered that Mega Bank’s compliance program was a hollow shell, and this consent order is necessary to ensure future compliance” — Maria T. Vullo

 

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