The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Turkish President Announces New Crypto Bill to Legalize Virtual Assets

n-img-tur

Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will be created to secure cryptocurrency industry in the country.

Tayyip Erdogan, the President of Turkey stated in a press conference that he expected that the country will move forward with a new economic model, and as a first step, the cryptocurrency market will be touched by legislating new laws and regulations to promote virtual asset’s legit use in the nation. He also highlighted his interest in cryptocurrencies. 

“We will take steps on this issue by sending (the bill) to Parliament without delay. Turkey will make a leap forward with its new economic model. It is worth taking these risks. Citizens will know that their money is guaranteed by the central bank, the guarantor of the country’s treasury,” he said.

However, the Turkish parliamentary decision emerged as a surprise for the nation as it has not been crypto-friendly in the past. Back in September 2021, President Erdogan commented at a press conference that he didn’t rule out the nation’s stance on virtual currencies, yet didn’t actually intend to promote crypto adoption. The President’s comets were aligned with the Central Bank of Turkey stance, which published measures to ban the use of cryptocurrencies as a payment gateway. The content of banning digital currencies was made crystal clear and even warned of damages for individuals as well as businesses involved in cryptocurrency operations.

“Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance.”

However, coins flipped and the government’s as well as Central Bank of Turkey’s stance changed. Turkey Parliament to weigh in on new cryptocurrency bill to regulate the virtual assets and Virtual Asset Service Providers (VASP) in the nation. Now, VASPs can safely operate in the country. A legal framework designed to increase transparency and enhance the auditability of the cryptocurrency exchanges and platforms will be delivered to parliament for approval. In addition to this, the secondary framework is to create for blockchain industry growth. However, this bill does not include 40% tax on cryptocurrencies, according to Mustafa Elitas, a parliamentary leader of ruling Justice and Development Party (AKP). He also tweeted on December 6, 2021, that the upcoming bill will be “aimed at regulating the [local cryptocurrency] system, preventing malicious acts, protecting investors, and countering grievances.”

A meeting was also held in which 13 cryptocurrency executives, government and financial industry officials shared their views. Elitas stated the entities who attended will prefer a skeleton framework to facilitate rapid changes in the ever-growing crypto industry. The government also aims to establish a central custodian bank to eliminate counterparty risk.

Suggested Read: Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime

Related Posts

News

Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships

The global crypto exchange Binance has announced that it will strengthen its KYC controls & s...

Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships Explore More

News

One Million Student Records Compromised by E-Learning Sites

About one million online student records that contain personal information of students have been ...

One Million Student Records Compromised by E-Learning Sites Explore More

News

UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai

The UAE has frozen the assets of Ireland’s Kinahan Crime Syndicate, mounting the pressure on an o...

UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai Explore More

News

NFT Market Skyrockets to $44 Billion as Money Laundering Increases

The non-fungible token (NFT) market value has increased from $106 million in 2020 to $44 billion ...

NFT Market Skyrockets to $44 Billion as Money Laundering Increases Explore More

News

U.S States Open up to the Idea of Digital IDs in Post Pandemic World

The ID cards that were used by millions of people as proof of their identity may soon become a th...

U.S States Open up to the Idea of Digital IDs in Post Pandemic World Explore More

News

Online Gaming Company Fined €386,000 for AML Failings

Online Amusement Solution Limited, a gaming company, was fined more than €386,000 by the FIAU for...

Online Gaming Company Fined €386,000 for AML Failings Explore More

News

Are Educational Institutes Becoming the Next Target for Money Laundering?

According to an investigation by The Times, higher-educational institutes have been unintentional...

Are Educational Institutes Becoming the Next Target for Money Laundering? Explore More

News

US DOJ Files Cases to Stop Russian Money Laundering Networks

The US DOJ (Department of Justice) filed two cases in the latest action to disrupt money launderi...

US DOJ Files Cases to Stop Russian Money Laundering Networks Explore More

News

Australian Federal Police Issues Warning on Valentine’s Day Financial Scams

Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...

Australian Federal Police Issues Warning on Valentine’s Day Financial Scams Explore More

News

UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers

Facial recognition instead of Emirates ID card readers will now verify identity. The Federal Auth...

UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers Explore More

News

Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK

The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 ...

Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK Explore More

News

International Student Sues Commonwealth Bank for Money Laundering Scam

An Indonesian student and her family sued the Commonwealth Bank as they lost millions of dollars ...

International Student Sues Commonwealth Bank for Money Laundering Scam Explore More

News

Optus Data Breach Leaves Millions of Australians at Risk of Identity Theft

The APF is investigating Optus’s data breach that involves millions of customers’ per...

Optus Data Breach Leaves Millions of Australians at Risk of Identity Theft Explore More

News

BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering

BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...

BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering Explore More

News

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines Explore More

News

Singapore’s Public Warned Against the Highly Volatile Crypto World

Singapore’s financial regulators once again warn their public about the risks of the cryptocurren...

Singapore’s Public Warned Against the Highly Volatile Crypto World Explore More

News

FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited

New Zealand’s FMA has warned investors against services and products being offered by unauthorize...

FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited Explore More

News

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security

Australia’s AML Agency AUSTRAC has partnered with the Pacific Financial Intelligence Unit t...

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security Explore More

News

The number of Bitcoin ATMs has increased to 8,000

The total number of Bitcoin ATMs across the world have crossed 8,000. The United States has more...

The number of Bitcoin ATMs has increased to 8,000 Explore More

News

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws

Lawyers in Nigeria are being instructed to follow anti-money laundering and terrorist financing l...

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws Explore More

News

Digital IDs Becoming Useful for Fighting Financial Crimes

The use of digital IDs has proved to be advantageous for fighting financial crimes. Research has ...

Digital IDs Becoming Useful for Fighting Financial Crimes Explore More

News

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion

The Treasury Inspector General for Tax Administration released an interim filing season report on...

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion Explore More

News

Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank

Lesetja Kganyago, Governor SARB confirms to the Parliament’s standing committee about the i...

Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank Explore More

News

Luxembourg Updates AML Laws for Verification of Beneficial Ownership

Luxembourg has amended its Anti-Money Laundering regulation requiring practitioners to identify b...

Luxembourg Updates AML Laws for Verification of Beneficial Ownership Explore More

News

Melbourne Casino Crown Faces New Money Laundering Scandal

Crown’s licence for its Sydney casino has been suspended after an investigation revealed it facil...

Melbourne Casino Crown Faces New Money Laundering Scandal Explore More

News

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs

All crypto accounts in South Korea are directed to register under their real names. Third-party b...

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs Explore More

News

Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering

Bank of Lithuania is reportedly investigating UK fintech Railsr over Anti-Money Laundering and Co...

Bank of Lithuania Open Probe on UK Fintech over Alleged Money Laundering Explore More

News

Art Dealers Urged to Intensify Regulatory Actions Against Money Launderers

The Department of Justice is establishing new rules to combat financial crimes via the art market...

Art Dealers Urged to Intensify Regulatory Actions Against Money Launderers Explore More

News

Coincheck customers fall victim to a data breach

In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

Coincheck customers fall victim to a data breach Explore More

News

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion

The Treasury Inspector General for Tax Administration released an interim filing season report on...

IRS Deploys Effective Filters to Detect and Prevent Tax Evasion Explore More

News

Shufti Introduces Digital COVID Pass for COVID Test Verification

Shufti has launched a Digital Covid Pass solution to promptly verify the COVID PCR-test repor...

Shufti Introduces Digital COVID Pass for COVID Test Verification Explore More

News

IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime

IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...

IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime Explore More

News

Lloyds Bank Charged with £500K Fine for Breach of Financial Regulatory Standards

Lloyds Bank corporate markets jersey received a fine of £498,000 in relation to the dealings with...

Lloyds Bank Charged with £500K Fine for Breach of Financial Regulatory Standards Explore More

News

US government favours a hands-off approach to AI’s regulation

The white house listed 10 principles that federal agencies should consider when drafting laws and...

US government favours a hands-off approach to AI’s regulation Explore More

News

Shufti Introduces AI-Based OCR for Better Customer Verification

Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

News

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

News

2020 Election is coming up! Facebook bans deepfakes

2020 is up and the United States’ presidential election campaign is underway. Prior to these elec...

2020 Election is coming up! Facebook bans deepfakes Explore More

News

Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports

Countries across the globe are taking necessary steps to introduce facial recognition at the airp...

Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports Explore More

News

Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses

The bank underreported 8000 corporate transactions made overseas between July 2018 and February 2...

Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses Explore More

News

Cyprus Adopts Transparency in Registration of Company Owners

Cyprus has planned to introduce a register in the coming weeks to unveil the identity of thousand...

Cyprus Adopts Transparency in Registration of Company Owners Explore More

News

American Gaming Association Updates Best Practices for AML

The American Gaming Association (AGA) has released updated “Best Practices for Anti-Money Launder...

American Gaming Association Updates Best Practices for AML Explore More

News

South Korea Extends AML Compliance Deadline for Crypto Sector

The deadline has been extended to ensure regulators are able to process all the applications subm...

South Korea Extends AML Compliance Deadline for Crypto Sector Explore More

News

US Treasury Department Issues AML Study for the Art Market

The US Treasury Department Issues anti-money laundering (AML) study for the art market, aiming to...

US Treasury Department Issues AML Study for the Art Market Explore More

News

The FATF Gives The Philippines 2-3 Months to Address Remaining Deficiencies

Chuchi G. Fonacier, Deputy Governor of the BSP, said 4 of the 8 remaining Financial Action Task F...

The FATF Gives The Philippines 2-3 Months to Address Remaining Deficiencies Explore More

News

WHO Warns about Online Job Scams during COVID-19 Pandemic

A message shared on WhatsApp and Facebook claims that the World Health Organization (WHO) is adve...

WHO Warns about Online Job Scams during COVID-19 Pandemic Explore More

News

Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering

On October 15, Europol announced its successful operation against a renowned criminal group calle...

Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering Explore More

News

Hong Kong further strengthens its Cryptocurrency regulations

Paul Chan, the Financial Secretary of Hong Kong, stated that the country was considering to stren...

Hong Kong further strengthens its Cryptocurrency regulations Explore More

News

ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards

The Ohio Department of Jobs and Family Services (ODJFS) has estimated that approximately $506 mil...

ODJFS Makes Efforts Against Fraud Schemes, Calling for Improved Safeguards Explore More

News

Coincheck customers fall victim to a data breach

In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

Coincheck customers fall victim to a data breach Explore More

News

FCA Fines TJM Partnership Limited £2 Million for Money Laundering

The Financial Conduct Authority has fined the investment firm TJM Partnership Limited £2m for ser...

FCA Fines TJM Partnership Limited £2 Million for Money Laundering Explore More

News

Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges

Hong Kong’s legislative council has amended its Anti Money Laundering and  Countering Terrorist F...

Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges Explore More

News

EU Proposes New AML Agency For Addressing Money Laundering

The EU document has been proposed to introduce tough action against money laundering in the regio...

EU Proposes New AML Agency For Addressing Money Laundering Explore More

News

SEC Move Ahead with Regulation of Virtual Assets Service Providers (VASPs)

Ghana’s Security Exchange Commission (SEC) has begun endorsing plans to regulate the crypto indus...

SEC Move Ahead with Regulation of Virtual Assets Service Providers (VASPs) Explore More

News

South Africa Introduces Biometric Child Registration To Stop ID Theft

The Department of Home Affairs (DHA) in South Africa recently introduced a new method of biometri...

South Africa Introduces Biometric Child Registration To Stop ID Theft Explore More

News

The US publishes a list of North Korea’s supposed Crypto crimes

The US government, on Wednesday, outlined an aggressive set of countermeasures it said could hamp...

The US publishes a list of North Korea’s supposed Crypto crimes Explore More

News

Shufti will provide 10 million free ID and face verifications

Shufti has launched one of a kind charity program for the non-profit and healthcare organizat...

Shufti will provide 10 million free ID and face verifications Explore More

News

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud

The latest FATF report ranks France among countries that have effective measures in combating fin...

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud Explore More

News

EU to add Panama, Bahamas, and others to money-laundering blacklist

The European Commission has included Mauritius, Panama, and ten other states to its list of count...

EU to add Panama, Bahamas, and others to money-laundering blacklist Explore More

News

FATF Removes Cayman Islands and Panama From Increased AML Monitoring List

In the last plenary meeting of the Financial Action Task Force (FATF) on October 27th, the Cayman...

FATF Removes Cayman Islands and Panama From Increased AML Monitoring List Explore More

News

Financial Watchdogs Flags Crypto Mixer Stoking as a Potential Risk For Money Laundering

Cryptocurrencies are highly criticized by financial watchdogs and governments for potential risk ...

Financial Watchdogs Flags Crypto Mixer Stoking as a Potential Risk For Money Laundering Explore More

News

Chinese Police Seize $124M Money Laundering Scam in Zunyi City

The money laundering gang was able to conceal its fraudulent activities for a while by using 500 ...

Chinese Police Seize $124M Money Laundering Scam in Zunyi City Explore More

News

FATF Issues New Guidance on Mitigating Proliferation Financing Risk

The new guidance puts a spotlight on the need for effective onboarding processes, ongoing monitor...

FATF Issues New Guidance on Mitigating Proliferation Financing Risk Explore More

News

FATF Updates Guidance on Strengthening Beneficial Ownership Information

The Financial Action Task Force (FATF), in recommendation 24, established the first international...

FATF Updates Guidance on Strengthening Beneficial Ownership Information Explore More

News

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme

The US Department of Justice has arrested two in a $1.1 million non-fungible token fraud and mone...

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme Explore More

News

CCPA in effect – Mozilla firefox will let users delete their collected data

The California Consumer Privacy Act came into effect on Wednesday, Jan 1. Being obliged by the ne...

CCPA in effect – Mozilla firefox will let users delete their collected data Explore More

News

MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures

The Monetary Authority of Singapore (MAS) imposed a fine of S$375,000 on UOB Kay Hian, a brokerag...

MAS Imposed a Fine of $375,000 on UOB Kay Hian For Business Conduct Compliance Failures Explore More

News

Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering

The Financial Intelligence Unit of the Pacific region arranged the meeting last week to enhance t...

Pacific Financial Intelligence Unit Collaborates to Combat Money Laundering Explore More

News

AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks

AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...

AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks Explore More

News

Phishing Scam affects thousands of Banking App users

Thousands of customers have been exploited by a fake mobile banking app. The customers were sent ...

Phishing Scam affects thousands of Banking App users Explore More

News

New Jersey Hospital System Hit By a Ransomware Attack

One of the largest hospital systems of New Jersey has reported that it was hit by a ransomware at...

New Jersey Hospital System Hit By a Ransomware Attack Explore More

News

Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws

Egypt’s constitutional and legislative affairs committee approved a government drafted bill...

Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws Explore More

News

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures

Turkey’s Regulatory Authorities stated they will develop rigid regulations for crypto service pla...

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started