In the US the problem is we have a short term memory. With 15 minute news cycle once a case is resolved (or swept under the rug) it's on to the "next big thing". Meanwhile the next elections come around and more offen the. not the elected official get who allowed these activities to occur on their and who NEVER push for prosecution get a pass and business continues as usual.

Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network says:
" keep in mind the combined actions by the Department of Justice and FinCEN took down
a $6 billion money laundering operation (Liberty Reserve), the biggest in U.S. history."


However she somehow fails to mention:


Standard Chartered had processed $250bn
in illegal transactions over nearly a decade of business
 with US-sanctioned countries including Libya, Burma and Sudan.

Two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion
through their HBUS accounts over seven years without disclosing the transactions’
links to Iran.

HSBC cleared $290 million in “obviously suspicious travelers cheques”
that benefitted Russians “who claimed to be in the used car business.”


Previously HSBC processed $60 trillion (that it TRILLION with a "T") in wire transfer and account activity and
had a backlog of 17,000 unreviewed account alerts
regarding potentially suspicious activity
and a failure to conduct anti-money laundering due diligence
before opening accounts for HSBC affiliates.

?

This is my favorite quote:

"FinCEN’s guidance explains that administrators or exchangers of virtual currencies have
registration requirements and a broad range of AML program, recordkeeping, and reporting
responsibilities. Those offering virtual currencies must comply with these regulatory
requirements, and if they do so, they have nothing to fear from Treasury."

"Virtual currencies are a financial service, and virtual currency administrators and exchangers are
financial institutions."

"we see virtual currency administrators and exchangers as a
type of money services business. These businesses are as much a part of the financial framework
as any other type of financial institution. As such, they have the same obligations as other
financial institutions, and the same obligations as any other money services business out there. "

"action taken against one financial institution [Liberty Reserve] and one type of
financial service ... [in a [ criminal case is [or a] regulatory action is – an
action against a particular violator. With this action we were not painting with a broad brush
again"

Satoshi is the NSA

HSBC actively circumvented rules designed to “block transactions involving terrorists, drug lords, and rogue regimes.”  

In one case, “two HSBC affiliates sent nearly 25,000 transactions involving $19.4 billion through their HBUS [HSBC’s U.S. affiliate] accounts over seven years without disclosing the transactions’ links to Iran.”

HSBC provided U.S. dollar financing and services to banks in Saudi Arabia and Bangladesh that were tied to terrorist organizations, while also clearing $290 million in “obviously suspicious travelers cheques” that benefitted Russians “who claimed to be in the used car business.”

The investigation showed how the bank’s regulator, the Office of the Comptroller of the Currency (OCC) failed to take a single enforcement action against HSBC despite numerous violations by the international bank.  

Among them, failing to monitor $60 trillion in wire transfer and account activity, a backlog of 17,000 unreviewed account alerts regarding potentially suspicious activity, and a failure to conduct anti-money laundering due diligence before opening accounts for HSBC affiliates.


What did the us do:

State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.  

Instead, HSBC agreed to a record $1.92 billion settlement with authorities (a fraction of the profit they made laundering these funds).  The HSBC deal included a deferred prosecution agreement which is a notch below a criminal indictment and requires the bank to forfeit more than $1.2 billion and pay about $700 million in fines.

US authorities sent a very clear signal that criminal prosecution for such actions are remote for big banks.

As part of the deal HSBC must also strengthen its internal controls and stay out of trouble for the next five years.
(didn't they already try that!!)

The HSBC case is part of a sweeping investigation into the movement of tainted money through the American financial system. In 2010, Lanny A. Breuer, the head of the Justice Department’s criminal division, created a money-laundering task force that has collected more than $2 billion in fines from banks which has ensnared six foreign banks in recent years, including

Credit Suisse and
Barclays.

In June,
ING Bank
 reached a $619 million settlement to resolve claims that it had transferred billions of dollars in the United States for countries like Cuba and Iran that are under United States sanctions.

Federal and state authorities also won a $327 million settlement from
Standard Chartered
, a British bank. The bank, which in September agreed to a larger settlement with New York’s top banking regulator, admitted processing thousands of transactions for Iranian and Sudanese clients through its American subsidiaries.

For example, an HSBC executive at one point argued that the bank should continue working with the Saudi Al Rajhi bank, which has supported Al Qaeda, according to the Congressional report.

Despite repeated urgings from federal officials to strengthen protections in its vast Mexican business, HSBC instead viewed the country from 2000 to 2009 as low-risk for money laundering, the Senate report found. Even after HSBC’s Mexican operation transferred more than $7 billion to the United States — a volume that law enforcement officials said had to be “illegal drug proceeds” — lax controls remained.

The Congressional hearings exposed weaknesses at the Office of the Comptroller of the Currency, the national bank regulator.

In 2010, the regulator found that HSBC had severe deficiencies in its anti-money laundering controls, including $60 trillion in transactions and 17,000 accounts flagged as potentially suspicious, activities that were not reviewed. Despite the findings, the regulator did not fine the bank.

YES.

Did you restore your cash deposit option?

Kruniac,


Don't forget while high or drunk (or both) you have admitted multiple times in chat logs and pm and irc that you committed these frauds.

The internet doesn't forget.

Use the force for good Luke.

Kruniac

Do the right thing and you reverse all the bad Karma.

This paper explores Bitcoin from a regulatory perspective. Please note Dion’s pure intentions: he explicitly seeks to find a balance between the constitutional/commercial rights of the individual against the government’s role in enforcing crimes against fraud and the drug trade. Nowhere does he state a desire to outlaw Bitcoins; in fact, he does the exact opposite: “This [n]ote will argue that Bitcoin should not be strictly outlawed.”

I have rearranged and extracted key points for discussion.

https://btcgsa.wordpress.com/2013/06/10/regulating-bitcoin-in-the-us-a-technical-analysis/

So it does....

According to recent US regulation they are and unlicensed Money Transmitter and as such will not be able to operate with in the US until they register with FinCEN as a Money Service Business and obtain Money Transmitter Licenses in any US state in which their clients reside.

MSB registration is free.

Money Transmitter licensing is required in 48 of the 50 State and in addition to extensive personal and financial background checks bonds are also required to be posted in each state.  In California it is aproximately $1.5M USD, New York State is $500,000 and these bonds amounts can fluctuate relative to the volume of business you conduct.

Essentially any business or individual you want to legally buy and sell bitcoin will be considered a "Financial Institution" and regulated as such.

and for a "financial services" company their numbers don't add up:
https://btcglobal.net/shares

#	Shares	Offer/Share	Value	Total Shares	Status*
1	2	150	$300.00	2	confirmed
2	7	130	$910.00	9	confirmed
3	2	125	$250.00	11	confirmed
4	2	125	$250.00	13	confirmed
5	100	124.1	$12,410.00	113	confirmed
6	1	120	$120.00	114	confirmed
7	20	110	$2,200.00	134	confirmed
8	20	110	$2,200.00	154	confirmed
9	10	110	$1,100.00	164	confirmed
10	10	105	$1,050.00	174	confirmed
11	20	102	$2,040.00	194	confirmed
12	20	101.01	$2,020.20	214	confirmed
13	135	101.001	$13,635.14	349	confirmed
14	25	101	$2,525.00	374	confirmed
15	15	101	$1,515.00	389	confirmed
16	60	101	$6,060.00	449	confirmed
17	30	100.1	$3,003.00	479	confirmed
18	50	100	$5,000.00	529	confirmed
19	2	10	$200.00	531	confirmed
20	50	100	$5,000.00	581	confirmed
21	10	100	$1,000.00	591	confirmed
22	50	99	$4,950.00	641	confirmed
23	15	96.2	$1,443.00	656	confirmed
24	2	96.01	$192.02	658	confirmed
25	5	96	$480.00	663	confirmed
26	6	95.1	$570.60	669	confirmed
27	2	95	$190.00	671	confirmed
28	8	95	$760.00	679	confirmed
29	15	95	$1,425.00	694	confirmed
30	4	94.01	$376.04	698	confirmed
31	10	94.01	$940.10	708	confirmed
32	1	94	$94.00	709	confirmed
33	3	94	$282.00	712	confirmed
34	10	94	$940.00	722	confirmed
35	25	93.7	$2,342.50	747	confirmed
36	20	93.5	$1,870.00	767	confirmed
37	25	93.3	$2,332.50	792	confirmed
38	10	93.23	$932.30	802	confirmed
39	2	93.2	$186.40	804	confirmed
40	10	93.2	$932.00	814	confirmed
41	22	93.11	$2,048.42	836	confirmed
42	364.00	93.10	$33,888.40	1200	confirmed
			$119,963.62

don't know Vladimir

but the scam to me seem to build interest in the pre-IPO (which is fully subscribed) then claim delays and run with the money.

https://btcglobal.net/shares

Are bitcoiner really that gullible???..... Still...

I'm watching you .

Anyone want to get in touch with KRUNIAC they can skype him at



exhalebloo

TakeA Guess

dhenson

Love your video

http://www.youtube.com/watch?v=wgr3qEjbstM


Garrett, You sure you want this guy hot on your tail??

Good luck.

Also discussed more in depth here:
https://bitcointalk.org/index.php?topic=231238.msg2433173#msg2433173

Also discussed more in depth here:
https://bitcointalk.org/index.php?topic=231238.msg2433173#msg2433173