Thursday, May 30, 2013
No liberty for alleged money launderer Budovsky
Digital currency bitcoin's fluctuating value has received significant attention lately; however, it's Liberty Reserve, a digital currency provider founded in 2006, that is under the gun right now. Liberty Reserve founder, Arthur Budovsky, and six other individuals were indicted by the U.S. government for allegedly laundering over $6 billion in criminal proceeds. Though the operation served legitimate customers, it allegedly aided such illegal activities as drug trafficking, identity theft and child pornography. According to media reports, Liberty Reserve was incorporated in Costa Rica and never registered as a money transmitter in the United States, where it had an estimated 200,000 customers. At a May 28, 2013, press conference in Manhattan, federal prosecutors stated they believe this is the largest money-laundering case in history and likened Budovsky to Prohibition-era gangster Al Capone. Budovsky was arrested in Spain on May 24.
Editorial Note:
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.
