Last Tuesday, Spanish authorities apprehended five people in New York and Costa Rica from the Liberty Reserve, a digital currency firm. The arrest included Arthur Budovsky including seizure of their bank accounts and even their online domains. It was stated that a $6 billion money laundering scheme was discovered at Liberty Reserve along with its seven principals and other employees. This was a good call for different firms engaging in digital currencies including BItcoin. The anti-money laundering rules should be strictly complied with; otherwise companies engaging in this business will face serious crackdowns.
The US Federal Bureau of Investigation has already notified firms last April of 2012. The investigation even showed how BItcoin was used to transfer funds worldwide by criminals. Even the Financial Crimes and Enforcement Network were also ordered to comply with existing anti-money laundering laws along with other financial firms. This made digital currency businesses to be on tight screws as they try to accomplish requisites for the said law. According to Bitcoin community, they are trying their best to be in higher contact with regulators to address the issue. In fact, the Bitcoin advocacy group is currently in search for a full-time Washington lawyer.
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