Written by: Guy Jeffress
Virtual currency exchange Bitzlato was identified as a “primary money laundering concern” in connection with Russian illicit finance.
Today (Jan 18, 2023) the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance and “advances the political and economic destabilization efforts of the Government of Russia.” The order is the first order issued pursuant to section 9714(a) of the Combating Russian Money Laundering Act and highlights the serious threat that businesses which facilitate and support Russian illicit finance pose to U.S. national security and the integrity of the U.S. financial sector. The order prohibits certain transmittals of funds involving Bitzlato by any covered financial institution.
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