Russian Banks To Get The Power To Block Accounts In An Attempt To Stop Money Laundering

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The Central Bank intends to strengthen anti-money laundering legislation by allowing banks to block accounts based on the use of Cryptocurrency.
  • The Ministry of Internal Affairs confirmed information on the development of a mechanism for the seizure of cryptocurrencies.
  • 2 Russian hackers who were involved in cybercrime and a few other things were found cruising around in their expensive Lamborghini and Audi sports cars.

The Central Bank intends to strengthen anti-money laundering legislation by allowing banks to block accounts based on the use of Cryptocurrency by expanding the list of signs of doubtful transactions.

Annotation 2020-02-18 110932

The Office has prepared amendments to Regulation 375-P, which will relate to signs of dubious operations. If the client’s actions fall under certain points, the bank may suspend or refuse to conduct transactions, and in extreme cases, terminate the contract.

But considering the politics around the regulation, it might just not affect the real money launderers at all. It might just be a pain and make it difficult for regular crypto investors to be able to trade and also prove themselves innocent of any laundering charges.

In the 4th quarter of 2019, 2 Russian hackers who were involved in cybercrime and a few other things were found cruising around in their expensive Lamborghini and Audi sports cars. They were not arrested for their crimes, which involved stealing crypto, amongst other things. It was suspected that their actions were politically backed. Such things raise concerns about how well the law will be implemented and practiced.

On December 5, the Ministry of Internal Affairs confirmed information on the development of a mechanism for the seizure of cryptocurrencies. Corresponding proposals will be prepared by the end of 2021, the agency said. Only with time can it be found if such laws actually help in the reduction of money laundering.

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