Policing cryptocurrencies: Examining US & FATF responses to unlawful activity in cryptocurrencies


IBA Japan Seminar

While the advent of technology used in cryptocurrencies holds great promise, and is regarded by some as heralding a new age of digitization across broad swathes of the global economy, it carries with it significant risks and potentially poses a threat to the integrity and the transparency of financial markets.

In this presentation Wendy and Ali will:

  • Set out the potential and existing risks associated with cryptocurrencies, specifically from a CFT and AML point of view.
  • Analyse actions taken in the US to counter the use of cryptocurrencies for money laundering and other unlawful financial activity.
  • Discuss guidelines issued by the Financial Action Task Force (FATF), the US Office of Foreign Asset Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) on virtual currencies, as they seek to create a flexible framework to help market players navigate this emerging market in a lawful and conscious manner.
  • Explore the intention, limitations and scope of these guidelines, as well as the impact on stakeholders.

Wendy Wysong

Wendy Wysong leads Clifford Chance's Asia Pacific Anti-Corruption and Economic Sanctions Practice, maintaining offices in Hong Kong and Washington, D.C.  Her practice focuses on regulatory compliance and white collar defense of international laws, including the Foreign Corrupt Practices Act, International Traffic in Arms Regulations, Export Administration Regulations, Office of Foreign Assets Control economic sanctions, and U.S. anti-boycott laws, as well as government fraud and public corruption. 

Ali Burney

Ali Burney focuses on international economic sanctions, export controls, anti-money laundering (AML), and anti-bribery & corruption (ABC) compliance matters. Prior to joining the Singapore office, Ali was at Clifford Chance's Washington, DC office where he represented clients in front of US sanctions and export control enforcement agencies.

Ali has over 10 years of experience advising on and conducting internal investigations relating to US economic sanctions, US export controls and the Foreign Corrupt Practices Act (FCPA). He frequently advises on complex cross-border deals relating to sanctions compliance issues arising from investments in Iran, Russia, and other sanctioned countries. He also advises on ABC and AML matters arising from M&A activity in South East Asia, China, and Africa.

Prior to joining the firm, he was at the US Department of Treasury, Office of Foreign Assets Control (OFAC).


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