#Best Anti-Money Laundering Policy UAE

[afsauditing]

 Top AML UAE

Concerned about AML UAE? AFS Auditing offers specialized AML services to help businesses mitigate risks and adhere to regulatory requirements. Our tailored solutions include risk assessments, policy development, training, and ongoing monitoring to safeguard your operations and reputation. Partner with AFS Auditing for robust AML compliance in the UAE.

[auditacinternational]

Auditac International provides one of the best MLRO services in UAE to ensure businesses comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. Auditac will help in risk assessment management, manage AML policies, submitting reports to UAE regulators, etc.

[rsp-uae]

Maximizing Business Success with a Trusted Nominee Director

Introduction

Navigating the complex regulatory landscape and ensuring compliance with legal requirements is paramount for businesses operating in the UAE. A trusted nominee director plays a pivotal role in facilitating business success, managing regulatory obligations, and enhancing corporate governance. In this article, we delve into the significance of a nominee director and how businesses can maximize their success by partnering with a trusted professional in this role.

Understanding the Role of a Nominee Director: Facilitating Business Operations

A nominee director is an individual appointed to represent a company's interests while complying with regulatory requirements. They act as a director on paper, holding responsibilities such as attending board meetings, signing legal documents, and fulfilling reporting obligations. Their role is crucial in ensuring business continuity, adherence to laws, and maintaining a professional corporate image.

Compliance Officer Services: Ensuring Regulatory Compliance and Best Practices

Nominee directors often provide compliance officer services, overseeing regulatory compliance, risk management, and adherence to corporate governance standards. They ensure that the company operates within legal frameworks, submits required filings, maintains accurate records, and implements best practices in areas such as anti-money laundering (AML), know-your-customer (KYC) procedures, and data protection.

DIFC Representative Office: Establishing a Presence in the Dubai International Financial Centre

For companies establishing a presence in the Dubai International Financial Centre (DIFC), a nominee director plays a vital role in setting up a DIFC representative office. They navigate the DIFC's regulatory requirements, liaise with authorities, and facilitate the establishment and operation of the representative office, enabling businesses to access the DIFC's financial services ecosystem.

Outsourcing Control Function Officers in UAE: Leveraging Expertise for Operational Efficiency

Businesses can outsource control function officers, including nominee directors, in the UAE to leverage their expertise, experience, and regulatory knowledge. Outsourcing Control Function Officers in UAE- MLRO, CO, RO, FO (money laundering, compliance, risk, finance officers) streamlines operations, reduces administrative burdens, and ensures that critical compliance functions are managed effectively, allowing businesses to focus on their core activities and strategic growth initiatives.

Risk Mitigation and Corporate Governance: Enhancing Business Resilience

Nominee directors contribute to risk mitigation and corporate governance by implementing robust internal controls, compliance frameworks, and ethical standards. They monitor business activities, assess risks, implement policies and procedures, and provide guidance to the board and management on governance matters, fostering transparency, accountability, and business resilience.

Professional Expertise and Industry Insights: Accessing Strategic Guidance

Trusted nominee directors bring professional expertise, industry insights, and strategic guidance to the table. They keep abreast of regulatory changes, industry trends, and best practices, providing valuable advice and recommendations to businesses. Their knowledge enhances decision-making processes, mitigates risks, and positions companies for long-term success in a competitive business environment.

Keeping Secrets and Establishing Trust: Upholding Confidentiality and Fostering Trust

Nominee directors prioritize confidentiality, integrity, and trust in their roles. They handle sensitive information with discretion, maintain professional ethics, and act in the best interests of the company and its stakeholders. Their commitment to confidentiality builds trust with regulators, investors, partners, and clients, enhancing the company's reputation and credibility.

Strategic Partnerships and Business Expansion: Facilitating Growth Opportunities

By partnering with a trusted nominee director, businesses can facilitate strategic partnerships, mergers, acquisitions, and business expansion initiatives. Nominee directors assure stakeholders, regulatory bodies, and business partners, instilling confidence in the company's operations, compliance practices, and governance standards, thereby unlocking growth opportunities.

Conclusion

A trusted nominee director is an invaluable asset for businesses seeking to maximize their success, ensure regulatory compliance, and enhance corporate governance. By understanding the role and importance of a nominee director, businesses can leverage their expertise, professionalism, and strategic guidance to navigate complex regulatory landscapes, mitigate risks, and drive sustainable growth. Partnering with a reputable professional in this role is a strategic investment in business success and long-term viability in the UAE's dynamic business environment.

[rank-consultancy]

Powerful Anti-Money Laundering Compliance in UAE with Rank Consultancy

The importance of the strong Anti-money Laundering Compliance in UAE can not be overlooked. Especially in the UAE, Most of the dynamic businesses are suffering mostly cause of not having a reliable partner to nevigate them through these complexities. At Rank Consultancy we specialize in supporting businesses through Anti-money Laundering Compliance in UAE. It will not only protect your business but also your reputation.

In a region known for its rising economic growth and vast business opportunities following laws and regulations of Anti-money Laundering Compliance in UAE is necessary. If you fail to follow, then it can result in very bad consequences. It includes huge fines, reputational damage, and even more. This is where Rank Consultancy works for you.

Our team has deep knowledge of UAE’s anti-money laundering laws and regulations. It helps us to create customized compliance strategies for your business. Additionally, From risk predictions to the implementation of policies, we provide them through support.

Most importantly you will surely get access to modern technologies and industry best practices by partnering with the Rank consultancy. We make use of advanced tools to match with compliances and regulations decided by law.

Moreover, our strong and clear approach to compliance allows us to stay ahead of regulatory changes. We also help in keeping your business safe from unknown threats. By prioritizing transparency and communication we stand out from the crowd.

Therefore choosing Rank Consultancy for anti-money laundering compliance in UAE is an awesome step towards making your business safe and secure. Give us a call today and learn more about our services.

[dubaiotc]

How to Buy Tether (USDT) in Dubai?

Dubai OTC makes it simple and secure to purchase Tether (USDT) in UAE.

The ideal platform for traders looking for quick and easy buying or selling options for specific crypto assets. Our policies are framed by industry best methods, a risk-based practice and effective AML (Anti Money Laundering) policy / CTF (computing terrorism financing).

How to Buy USDT in following Easy Steps:

Check the price of Tether and use our USDT to AED Converter

Step. 1 Visit Dubai OTC website Visit: www.dubaiotcpay.com

Step. 2 Enter amount & Calculate the best Market rate to Buy USDT Check the current Tether price on Dubai OTC to help inform your USDT purchase. Use our simple USDT to AED converter to see how much Tether you can buy with AED.

Step. 3 Get KYC Done Register on website, login and get KYC done

Step. 4 Book an appointment via Website or contact us on WhatsApp Visit our office with your personal ID or passport.

Step. 5 Buy Tether (USDT) Buy USDT at the best market price with Bank Transfers.

What Do You Need When Buying USDT in Dubai?

Dubai OTC enables people in UAE to buy USDT in Dubai with bank transfer option. You can purchase USDT with United Arab Emirates Dirham (AED) in Dubai. All you’ll need is a photo identification (ID) or Passport to get your KYC verification done and a means of payment.

Buying USDT Options

You can easily buy USDT in UAE with the Bank Transfers payment option. Dubai OTC has been working on every possible method to help its customers with their USDT purchases.

Why buy Tether?

Send cryptocurrency efficiently to others without taking the risk of a price fluctuation

At the end of a trading session, reduce your exposure to volatility.

Transfer United Arab Emirates Dirham (AED) quickly and affordably in and out of the Dubai OTC.

Pay for goods and services with it anywhere in the world.

What can I do with Tether if I purchase it?

Because of its efficiency as a medium of exchange and its predictable future value, Tether has value as a stable coin.

You can send money to anyone throughout the world using Tether at a cheap cost to yourself and use it to interact with cryptocurrency services that do not enable cash deposits. Many people also pick Tether when withdrawing money to and from Dubai OTC since it allows you to move money more quickly and easily than you could with AED or other fiat currencies. Depending on the merchant, Tether may also be accepted as payment for goods and services.

Active traders can also settle their money using USDT at the end of a trading session to exit exposure to more volatile assets and lower exposure to the cryptocurrency market as a whole.

Why choose Dubai OTC to buy Tether?

With over decade years of expertise, Dubai OTC has made a name for itself as a specialist in the cryptocurrency sector. Despite expanding to include more popular cryptocurrencies, we are still among the safest destinations to buy USDT. We consistently rank among the most reliable and secure cryptocurrency exchanges in the market.

[inhousecommunity]

Compliance and Sanctions of Anti-Money Laundering and Countering the Financing of Terrorism in the UAE

As global financial flows get increased scrutiny this year, it is important to focus on the efforts being driven by the United Arab Emirates (UAE) to preserve and enhance its position as a global financial centre. The UAE has significantly improved its regime for anti-money laundering and countering the financing of terrorism (AML/CFT) by strengthening its policies and crafting practical solutions for their effective implementation. The recent updates to AML/CFT legislation in the UAE have meant that it is serious in upholding international standards and ensuring compliance to enhance the integrity of the global financial system.

The UAE authorities require all entities, except for government owned entities and those operating in the financial free zones, to disclose Ultimate Beneficial Owners (UBOs). Further, supervisory authorities mobilise covered institutions to register on the ‘goAML’ platform and employ the filing of suspicious activity reports (“SARs”) to identify fraud schemes, and to subscribe to the automatic reporting system for sanctions lists. All these government measures directly contribute to these regulatory authorities’ work to protect investors, consumers and other market stakeholders by ensuring markets operate fairly.

How do AML regulations impact me/my organisation?

Federal Decree Law No. 20/2018 on Facing Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organization and its implementing regulations as enshrined in Cabinet Decision No. 10/2019 (the “AML regulations”) expanded coverage to entities aside from financial institutions, to cover those classified as Designated Non-Financial Businesses and Professions (DNFBPs) such as: (1) real estate brokers and agents; (2) dealers in precious metals and gemstones; (3) independent accountants and auditors; (4) corporate service providers; and (5) legal consultancy firms, advocates and notaries. Pursuant to the AML regulations, any person, having the knowledge that funds are the proceeds of a felony or a misdemeanour, who wilfully commits any of the following acts shall be considered a perpetrator of the crime of money laundering:

Transferring or moving proceeds or     conducting any transaction with the aim of concealing or disguising their     Illegal source.

Concealing or disguising the true     nature, source or location of the proceeds as well as the method involving     their disposition, movement, ownership of or rights with respect to said     proceeds.

Acquiring, possessing or using     proceeds upon receipt.

Assisting the perpetrator of the     predicate offense to escape punishment.

In the UAE, the Central Bank is primarily responsible for regulation of banks and financial institutions, while the 2 financial free zones (Abu Dhabi Global Market and Dubai International Financial Centre with Dubai Financial Services Authority) are responsible for regulating entities operating there. DNFBPs are regulated by multiple regulators, such as the Ministry of Economy and the Ministry of Justice. Each of these supervisory authorities is committed to developing a strong regulatory framework and providing a safe environment for organisations, companies, and DNFBPs to work according to international best practices. They shall, within their respective areas of competence, conduct risk assessments, inspections and audits, issue circulars concerning the regulatory requirements, and impose administrative sanctions for noncompliance. Read full Article click on 

What do I need to do to ensure I remain compliant with AML regulations?

[technologyinfosec]

Pakistan unlikely to be out of FATF's Grey List next month

Pakistan is unlikely to exit the 'Grey List' of the Financial Action Task Force (FATF) next month despite an active support of its close ally China and tactical support of some Western countries, diplomatic sources told Khaleej Times. The FATF, an international terror-financing watchdog, may extend the duration of the 'Grey List' for another six months to ensure Pakistan get enough time to adopt legislative measures to restructure its banking system in line with best international practices to curb money laundering and terror financing, sources said. Pakistan Foreign Minister Shah Mehmood Qureshi is confident of joining the 'White List' of FATF in February, but experts and diplomatic sources said the FATF is likely to extend duration of the 'Grey List' for another six months so Islamabad will have enough time to achieve 100 per cent compliance on terror financing and money laundering. "The country should, in principle, be taken off the Grey List' as it has made considerable progress on the requirements of the FATF," Qureshi said. At a FATF meeting held in Beijing last week, Islamabad submitted its compliance report and got support from the FATF current chair China and satisfied a few Western countries about its recent action taken for FATF compliance on money laundering and financing to terror groups. However, it is still an uphill task to secure 12 more votes out of 39 to exit the 'Grey List' and move to the 'White List', sources said. In recent meetings of FATF, Pakistan has got support of Malaysia and Turkey besides China. "Pakistan has done a remarkable job to exit the 'Grey List' of FATF. We have addressed 24 concerns out of 27 in Beijing meetings and will soon have a 100 per cent compliance on FATF guidelines," Dr Ashfaq Hassan Khan, member of the Economic Advisory Council, which is headed by Pakistani Prime Minister Imran Khan. In October 2019 meeting, the FATF board noted that Pakistan addressed only five out of the 27 tasks given to it in controlling terror funding and money laundering. It asked Pakistan to swiftly complete its full action plan by February 2020. "We have addressed most of the technical concerns to ensure there is no more money laundering and terror financing acts in Pakistan. But there is a political side of FATF due to which it may take another six months to exit the 'Grey List'," Dr Khan told Khaleej Times by phone from Islamabad. Pakistan was placed on the 'Grey List' by the FATF in June 2018 and was given a plan of action to complete it by October 2019 or face the risk of being placed on the blacklist along with Iran and North Korea. On the right way If Islamabad comes out of the 'Grey List', it will be easy for the country to get financial aid from the international and multinational lenders such as the International Monetary Fund, World Bank, ADB and the European Union on easy terms and conditions to support its struggling economy. "The world is ready to help Pakistan how to ensure compliance over FATF guidelines, as we lack capacity in some critical areas of controlling terror financing, but tolerance for non-compliance is zero. The recent official actions reflect this understanding. So a reversion to the bad old days is unlikely," Pervez Tahir, former chief economist, Government of Pakistan, told Khaleej Times. Dr Shahid Hasan Siddiqui, chairman, Research Institute of Islamic Banking and Finance, said the FATF plenary board meeting in Paris is likely to extend duration of the 'Grey List' for another six months despite having progress on majority of concerns raised it its previous meeting in October 2019. "This will be mainly due to opposition led by India, who holds vice-chairmanship of the FATF Asia Pacific Group and insists Pakistan should be downgraded to the 'Black Lis', a move being opposed by China. So a middle way is to extend the duration of the 'Grey List' ," he said. To a question, he said Pakistan still has to work on couple of oversights on remittance laws and buying of the US dollars from open market in Pakistan to ensure 100 per cent compliance on FATF guidelines. "The buying of the US dollars should only be allowed for education and health purposes abroad," Dr Siddiqui told Khaleej Times from Karachi. Dr Qais Aslam, Professor of Economics at Lahore-based University of Central Punjab, Pakistan will not slide into the 'Black List' because the State Bank of Pakistan has tightened its laws and documentations on money laundering and fined many banks as well as arrested few money laundered. "Both the Chinese and the Americans would not let Islamabad slip into the 'Black List'. However, it will not come out of the 'Grey List' because the government has failed to do anything about drug financing and as yet there are loop holes in catching big terror financing mechanisms of banned organisations," he said. The FATF was established in 1989 to check money laundering, terrorist financing and other related threats to the integrity of the international financial system. It has 35 members and two regional organisations - the European Commission and Gulf Cooperation Council. 'White List' is still a possibility Some experts and analysts are confident of exiting the 'Grey List' next month and said Pakistan will secure 15 minimum votes due to its active diplomacy in past few weeks in addition to practical steps taken to address the FATF concerns. "Pakistan scores high in a limited time frame given to address non-compliance of 27 points action plan by FATF. Not far away, just last October FATF denounces the speed of policy actions by Pakistani authorities and award less than 75 days to comply over 22 non-compliance points or to get black-listed," Muzzammil Aslam, CEO of MAFA Macro Consultant, told Khaleej Times. In the session held at Beijing, Pakistan authorities have walked in with all the accomplishment and largely addressed the action plan with the exception of 1-2 non-compliance. "Importantly, Pakistan has not waited for FATF plenary sessions to be held In February to submit its progress on action plan, instead send its key leadership to FATF member countries to make them aware of the progress," he said. "Governor Punjab Muhammed Sarwar met the EU countries to inform on progress. Foreign Minster Shah Mehmood Quershi kept the US, Malaysia, the UAE and Saudi leadership in the loop. "President Trump meeting with Imran Khan at Davos is very timely. US Deputy Foreign Secretary four- day long visit to Pakistan will give an opportunity to Pakistani authorities to express their political will and take timely actions. Given the efforts, we expect, Pakistan will not be singled out and may elevate to normal 'White regime'. Samiullah Tariq, director of research at Karachi-based Arif Habib Limited, said Pakistan has made a lot of effort to comply with the requirements of FATF and with improving geo-political situation. "I believe there's a good chance of Pakistan coming out of the 'Grey List'," he said. "In my view, Pakistan has no other choice but to discourage cash and undocumented transactions through a meaningful rules and regulations. It should encourage online and documented ways of doing business to have a positive impact on anti-money laundering, tax collection, job creation and export promotion," Tariq said. Hammad Azhar, Federal Minister for Economic Affairs in Pakistan said, it is premature to comment on the decision that FATF members shall take in the plenary in February. "Pakistan authorities have worked very hard over the months and I feel that we have made significant progress in our AML/CFT efforts. We remain committed to sustaining this momentum.  We also hope the attempts by certain quarters to politicise the FATF proceedings would be rejected," he tweeted. Read the full article

[cryptoandblockchaintalk]

EPISODE 17: ICOs and Regulations: Taming the New Wild West

ICOs and Regulations: Taming the New Wild West

  ICOs - or Initial Coin Offerings - are a widely used method for cryptocurrency startups, and also how some blockchain technology companies raise their initial funds to get their projects started. It is very much like a Kickstarter or GoFundMe, with the “reward” being given in newly created tokens. These tokens can be used on the product or service that is being built, which is referred to as a utility token, or in some cases, held like a stock and entitles the holder to a profit share, which is referred to as a security.

  With an ICO, businesses will usually write a whitepaper which gives all the details about their purpose, ideas, and a roadmap to allow investors (both small and large) to have the information needed to buy into these projects for a fraction of the speculated cost, once the coin hits the open market. These projects, are mostly still in the beginning stages of development.

  That’s right, most have no working product yet, but still ask people to pay them… and people do! By the tens of thousands, or even millions in some cases. ICOs took in over $2 billion dollars in 2017. There are currently over 1500 ICOs that have taken place, with thousands more on the horizon. All on the promise of what might be.

  If that doesn’t sound scary enough, add this factor in - ICOs have been mostly unregulated. Until now.

  Until recently, the industry has not been taken seriously by governments, financial institutions, or most of the general population. But with a market cap today of over $424 billion dollars at the time of writing (May 2018), it is now just beginning to get the attention it warrants.

  While many have gotten rich beyond their wildest expectations, others have been defrauded, robbed, and scammed. For even a discerning mind, it can be difficult to tell the difference when taking in a project at first glance. As 2018 moves forward, governments around the world are taking notice and passing laws they feel best protects their people. There are many concerns:

  Fraud, is the first, and most obvious, concern. China and South Korea have both banned ICOs. The United States has launched several SEC investigations, and is considering whether it can claim crypto coins are securities (which can only be sold by licensed individuals/institutions).

  Ponzi/Pyramid schemes have been a big problem also. USI-Tech and Bitconnect are two of the largest successful scams to date, taking in hundreds of millions of dollars, on false pretenses, only to shut down (or be shut down by the government).

  A substantial amount of money is now leaving the traditional investment sector, to a place where it can vanish and never be recovered if a company goes under. For money to leave the country in the past, a wire transfer had to be created, which was recorded and monitored, and took a long time to complete. A cryptocurrency transaction can move any amount of money around the world in just a moment, with or without a trace (depending on which currency is used).

  Price fixing is an issue as well, with many coins being mineable (created), using computer hardware performing work. It is considered a “pump and dump” technique, to create and flood the market with supply at will, to control the price.

  Some cryptocurrencies are untraceable and private, so governments are worried they will be used for money laundering for criminals, and avenues that can be used to fund terrorism.

  It is important to mention in context, that all of the above activities still existed and thrived long before cryptocurrency ever came around. Even though automobiles are used by bank robbers to make their escape, not every car on the planet is used by a criminal. Hopefully, the same logic will prevail.

  Despite all the calamity, why are ICOs still growing in popularity? Because it gives people a chance to make an investment. The minimum investment into a wall-street IPO is tens of thousands of dollars. Many offerings are restricted to accredited investors only. The common person isn’t permitted or endowed enough to participate at the most profitable stages in traditional finance. Cryptocurrencies and blockchain companies are built and financed by the common person, united to build something that makes the world a better place. On social media channels and community sites like Telegram, you can see thousands of loyal (sometimes rabid) followers and investors who believe in their project of choice, and back it like their favorite sports team.

  Legal Standing in 2018

  China - ICOs are banned 100%. The Chinese companies who completed their ICOs were instructed to refund all the money they received. The government has also banned crypto exchanges and may be soon blocking all sites related to the cryptocurrency industry entirely.

  European Union - ICOs are regulated, as of November 13th, 2017. An ICO must adhere to Anti-Money Laundering and “Know Your Customer” policies. Investments cannot be anonymous, and full personal disclosure must be made by investors.

  United States - ICOs are heavily regulated. ICOs are required to obtain a license, and register with the SEC. Many who have not considered their own token to be a security have not registered yet, and are fearful the SEC will come after them. Anti-Money Laundering and Know Your Customer procedures are required. There is more regulation to come from currently ongoing investigations.

  Canada - ICOs are regulated. Depending on the type of coin, it may be classified as a security, and is subject to government regulation. Canada looks at each project on a case by case basis, rather than one sweeping law that rules everything related.

  Switzerland - ICOs are treated with supportive regulation! Laws are friendly, and help protect cryptocurrency companies against suffocating regulations from other countries. They go through each ICO to weed out the potential fraud and poorly designed projects, leaving behind a good promising ICO market.

  Israel - ICOs are allowed, though a study is being conducted to decide how to regulate these operations in the future. There are plans to introduce tax laws on ICO tokens.

  Germany - ICOs are regulated. Germany warns the public that investments in these projects are risky. Germany defers to the November 13th, 2017 European Securities Market instruction to comply to securities standards.

  Japan - ICOs are allowed, but regulation is on the horizon. Japan is considering whether ICOs could fall under the Payment Services Act, or Financial Instruments and Exchange Act. In 2016, Japan declared Bitcoin a legal currency, a monumental achievement for the crypto community!

  Russia - ICOs are allowed. The government is currently watching things unfold while it determines what stance to take. In October 2017, it issued a ruling that requires all altcoin (a blanket term for any cryptocurrency besides Bitcoin) miners to register, and tax laws will be modified.

  Singapore - ICOs are allowed. Regulation seems to be coming soon, as the Monetary Authority stated in November 2017, that altcoins could qualify as a “capital market product” and be subject to existing regulations for other products in that industry.

  United Kingdom - ICOs are allowed. The government has issued warnings to investors about the risks of investing in these products, calling them “experimental”. Regulation could be coming soon, but there are no clear indicators of what the attitude will be.

  Brazil - ICOs are regulated. Virtual currency exchanges are banned. ICOs are considered securities and are subject to all applicable laws.

  Australia - ICOs are regulated. Australia looks to weed out scams and fraudulent ICOs, promoting the remaining ICOs as free from fraud.

  United Arab Emirates - ICOs are allowed. The UAE plans to pass regulation at some point in the near future.

  Taiwan - ICOs are allowed. The Taiwanese government is supportive of blockchain technology and cryptocurrency.

  While ongoing legislation is underway, the crypto market experiences extreme volatility and has nearly unimaginable dips and peaks, when fears about unfavorable rules or country-wide bans occur. In February 2018, the market overall value dropped more than 60% from January highs, as China passed its law banning cryptocurrencies and exchanges. As of mid-April 2018, it has since recovered the majority of that loss, (much of that growth happening in a 2 week span). It is a scary place to be a day trader, but those who hold for the future are always optimistic.

  With so much happening so fast, it can get confusing very quickly. In some places, the rules hurt ICOs. In some places, the rules help ICOs. In some places, the rules apply only to the ICO but not the actual coin and company itself. In some places, the rules apply to the entire industry regardless of the product. It is safe to expect that as time goes on, only more laws (and taxes) will be implemented. Some may see this as a good thing, paving the way for financial institutions and the general public to feel safe participating in the financial revolution, boosting the portfolios of everyone else who got in early. Others feel these rules are burdening and suffocating a decentralized worldwide market, prohibiting natural growth. In any event, there are many more changes to come in the next few years. It’s an exciting time to be alive.

  But before we leave, let’s have a look at Venezuela’s new country-backed cryptocurrencies, the Petro.

  Listen to Crypto and Blockchain Talk for more interesting topics!

Check out this episode!

[cryptobuzznews]

Bitcoin in Brief Monday: Belgium Expands List of Fraudulent Crypto Platforms, Plot to Kill Vinnik Uncovered in Greece

The Daily

Bitcoin in short on Monday, the Belgian financial watchdog, which this year issued a warning on potentially fraudulent platforms promising quick and easy profits to crypto investors, has just expanded its blacklist. In Russia, reports have surfaced of a plot to murder Alexander Vinnik in Greece, where he fights a request for extradition from US authorities accusing him of laundering billions of dollars, including included funds from Mount Pirate. Gox. Elsewhere, Australia is allocating a budget to blockchain research and Dubai-based exchange Bitoasis suspends the withdrawal of dirhams.

See also: This Week in Bitcoin: Ghost Scares Markets, Facebook Coin Mulls

Belgium Extends its List of Fraudulent Cryptographic Platforms

The Belgian Financial Services and Markets Authority expanded its list of unauthorized and potentially fraudulent crypto companies operating in the country. The financial watchdog recently issued a new warning noting that "the FSMA is receiving an increasing number of consumer complaints about investments in cryptocurrencies [and] once again warns the public on these platforms Frequently exploited by fraudsters.The regulator also said that people who have invested through these platforms often complain of never getting their funds back.

In March, the FSMA released its first list of 19 suspicious encryption platforms stating that it had received "questions or complaints from consumers and had established "Fraud indices", as reported news.Bitcoin.com . The agency pointed out that the compilation does not include all platforms of n doubtful crypto association, but only those whose fraudulent practices have been reported by consumers. Last week, the Belgian financial authority reminded investors that these companies generally claim to offer the best trading platforms for beginners and professionals

A plot to murder Vinnik in Greece

Alexander Vinnik in prison. The Russian national was detained in Greece at the request of the United States on suspicion of money laundering in connection with Mount. Gox hack. "The Greek law enforcement received information on plans for the preparation of a murder by poisoning with the help of criminals.The head of the prison and the prosecutor of the city of Thessaloniki have summoned Vinnik and informed him of the plot Sputnik

<img class = "alignright wp-image-160863 size-medium" src = "https://ift.tt/2rAcnrh 2018/05 / shutterstock_1041989590-300×200.jpg "alt =" Bitcoin in brief Monday: Belgium expands the list of fraudulent encryption platforms, conspiracy to kill Vinnik discovered in Greece "width =" 300 "height =" 200 "srcset =" https://ift.tt/2GdOt9y 300w, https://ift.tt/2FOS11x 05 / shutterstock_1041989590-768×512.jpg 768w, https://ift.tt/2GdOtGA 696w, https://ift.tt/2FR1yFG uploads / 2018/05 / shutterstock_1041989590- 630×420.jpg 630w, https://ift.tt/2GeZneV 1000w "sizes =" (max-width: 300px) 100vw, 300px "/> According to the report, Vinnik is not allowed to accept items, including food or drinks, from people he does not know. His contacts with other detainees have been limited and steps have been taken to improve his personal safety. Greek police received information on the murder plot earlier this year but it was not made public to help the investigation. The alleged attempt to murder would be related to criminal clandestinity and not to the special services of a country. According to the source quoted, the assassination was ordered by someone in Russia. Vinnik recently said that he was ready to testify before the Russian authorities for crimes related to the fintech in his country of origin.

Alexander Vinnik was arrested in Greece last July at the request of the US authorities. and $ 9 billion through the cryptocurrency exchange BTC-e now gone, including funds obtained from bitcoin exchange notoriously hacked Mt. Gox . Russia has also asked for his extradition for other indictments and Vinnik himself prefers to cooperate with the police in Moscow. The Russian information technology specialist has also filed an application for political asylum in Greece in the hope of escaping extradition to the United States

& nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Australia will fund blockchain research by budget

for 2018/2019. According to the annual budget report, the government will provide an additional AUD 0.7 million (> 0.5 million USD) to the Digital Transformation Agency (DTA) which will be responsible for studying areas where blockchain technology could offer the most value for government services. The agency is expected to use the funds to conduct research to determine the current maturity of the blockchain, assess whether the government is ready to adopt the technology and identify problems that blockchain might solve, and also to understand the potential. use of blockchain to support government services. "

Created in 2015, DTA aims to facilitate the digitization of the government The agency has received a total of A $ 92.4 million (about US $ 70 million) in this year's budget, which means that blockchain funding is less than 1 percent Nevertheless, the country has already recognized cryptocurrences like bitcoin and passed legislation that treats cryptos as cash in the context of anti – money laundering and counterterrorism policies. In April, Australia introduced regulations for the exchange of cryptocurrencies.The financial regulator of the country, the Australian Securities and Investments Commission, [1945902] 5] took steps against "deceptive and deceptive initial offerings."

Dubai Bitoasis suspends Dirham withdrawals

The Dubai Cryptocurrency Exchange Bitoasis has announced a temporary suspension of deposits and withdrawals in the UAE dirhams. The trading platform warned its customers that if they wanted to access their dirhams sales or deposit dirhams in their accounts via transfers, they will have to place an order no later than Tuesday, May 15th. These transactions will not be processed after this date. According to the notice sent to the account holders, deposits by credit card will be possible until June 16.

In the letter, cited by Arabian Business Bitoasis claims that the restrictions were imposed because of problems with the bank. walk with. Other ways to buy and sell cryptocurrencies on the platform, as well as digital coin withdrawals to other wallets, are not affected, noted the exchange. "If you decide to leave your fiat balances, the only way for you to withdraw your funds at any time after May 15 would be to convert them into cryptocurrency and send them to an external portfolio," the statement said. Bitoasis warns customers that it can not provide a specific date to reactivate withdrawals from a DEA.

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