Latest news with #illegalbetting
Zawya
24-06-2025
- Business
- Zawya
Turkey taking crypto transaction steps to hinder laundering, Simsek says
Turkey is taking steps to prevent the laundering of criminal proceeds from illegal betting and fraud through cryptocurrency transactions, Finance Minister Mehmet Simsek said on Tuesday. On his X account, he reposted an article by state-owned Anadolu news agency saying Turkey was preparing to introduce transfer limits and mandatory waiting periods for withdrawals on crypto assets. It said the new steps will include waiting periods of 48 to 72 hours for crypto withdrawals where the travel rule - requiring the verification of information on the sender and recipient of a transaction - is not applied. "We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions," Simsek said. "Administrative, legal, and financial sanctions will be imposed on non-compliant platforms," he added. The daily limit on the transfer of stablecoins, a type of cryptocurrency designed to maintain a constant value, will be capped at $3,000, with a monthly limit of $50,000, Anadolu said. The travel rule is a set of guidelines designed to prevent money laundering, that mandates virtual asset service providers to obtain and disclose precise details pertaining to the sender and recipient of a virtual asset transfer. (Reporting by Ezgi Erkoyun; Editing by Daren Butler)
Al Arabiya
24-06-2025
- Business
- Al Arabiya
Turkey taking crypto transaction steps to prevent laundering
Turkey is taking steps to prevent the laundering of criminal proceeds from illegal betting and fraud through cryptocurrency transactions, Finance Minister Mehmet Simsek said on Tuesday. On his X account, he reposted an article by state-owned Anadolu news agency saying Turkey was preparing to introduce transfer limits and mandatory waiting periods for withdrawals on crypto assets. It said the new steps will include waiting periods of 48 to 72 hours for crypto withdrawals where the travel rule - requiring the verification of information on the sender and recipient of a transaction - is not applied. 'We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions,' Simsek said. 'Administrative, legal, and financial sanctions will be imposed on non-compliant platforms,' he added. The daily limit on the transfer of stablecoins, a type of cryptocurrency designed to maintain a constant value, will be capped at $3,000, with a monthly limit of $50,000, Anadolu said. The travel rule is a set of guidelines designed to prevent money laundering, that mandates virtual asset service providers to obtain and disclose precise details pertaining to the sender and recipient of a virtual asset transfer.
Yahoo
24-06-2025
- Business
- Yahoo
Turkey taking crypto transaction steps to hinder laundering, Simsek says
ISTANBUL (Reuters) -Turkey is taking steps to prevent the laundering of criminal proceeds from illegal betting and fraud through cryptocurrency transactions, Finance Minister Mehmet Simsek said on Tuesday. On his X account, he reposted an article by state-owned Anadolu news agency saying Turkey was preparing to introduce transfer limits and mandatory waiting periods for withdrawals on crypto assets. It said the new steps will include waiting periods of 48 to 72 hours for crypto withdrawals where the travel rule - requiring the verification of information on the sender and recipient of a transaction - is not applied. "We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions," Simsek said. "Administrative, legal, and financial sanctions will be imposed on non-compliant platforms," he added. The daily limit on the transfer of stablecoins, a type of cryptocurrency designed to maintain a constant value, will be capped at $3,000, with a monthly limit of $50,000, Anadolu said. The travel rule is a set of guidelines designed to prevent money laundering, that mandates virtual asset service providers to obtain and disclose precise details pertaining to the sender and recipient of a virtual asset transfer.
Reuters
24-06-2025
- Business
- Reuters
Turkey taking crypto transaction steps to hinder laundering, Simsek says
ISTANBUL, June 24 (Reuters) - Turkey is taking steps to prevent the laundering of criminal proceeds from illegal betting and fraud through cryptocurrency transactions, Finance Minister Mehmet Simsek said on Tuesday. On his X account, he reposted an article by state-owned Anadolu news agency saying Turkey was preparing to introduce transfer limits and mandatory waiting periods for withdrawals on crypto assets. It said the new steps will include waiting periods of 48 to 72 hours for crypto withdrawals where the travel rule - requiring the verification of information on the sender and recipient of a transaction - is not applied. "We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions," Simsek said. "Administrative, legal, and financial sanctions will be imposed on non-compliant platforms," he added. The daily limit on the transfer of stablecoins, a type of cryptocurrency designed to maintain a constant value, will be capped at $3,000, with a monthly limit of $50,000, Anadolu said. The travel rule is a set of guidelines designed to prevent money laundering, that mandates virtual asset service providers to obtain and disclose precise details pertaining to the sender and recipient of a virtual asset transfer.
Malay Mail
13-06-2025
- Malay Mail
Singapore, Malaysia police team up to break up illegal horse betting syndicate
SINGAPORE, June 13 — A joint enforcement effort by Singapore and Malaysian police has led to the arrest of 16 people and ongoing investigations into 41 others for their alleged roles in an illegal horse betting syndicate. The Singapore Police Force (SPF) said in a June 12 statement that those arrested — aged between 50 and 78 — are believed to be linked to a criminal syndicate involved in unlawful betting operations. The cross-border operation, carried out on June 11, saw simultaneous raids across Singapore and one in Malaysia. In Singapore, officers from the SPF's Criminal Investigation Department (CID) and Special Operations Command raided multiple sites, arresting 14 men and one woman. Items seized included cash, mobile phones, gambling paraphernalia, and three bank accounts holding about US$200,000 (RM662,000) suspected to be criminal proceeds. In Malaysia, a 53-year-old Singaporean man was arrested during a raid led by the Royal Malaysia Police's (RMP) CID. He is scheduled to be charged in court on June 13 under the Gambling Control Act. Meanwhile, another 40 men and a woman — aged between 47 and 84 — are being investigated for suspected involvement in illegal betting. Police believe the individuals took on roles as bookmakers, runners, or punters. The SPF conducted checks across various neighbourhoods including King George's Avenue, Jurong Street 24, Ang Mo Kio Street 22, New Upper Changi Road, Yung Sheng Road, Bukit Batok Street 31 and Marsiling Road. Officers seized over US$17,000 in cash, along with mobile phones and betting-related materials during these operations. Under the Gambling Control Act, individuals found guilty of gambling with an unlawful service provider face fines of up to US$10,000, jail time of up to six months, or both. Operators of such illegal betting services can be fined up to US$500,000 and jailed for up to seven years. Deputy Commissioner of Police (Investigation and Intelligence) Zhang Weihan, who also heads the CID, said: 'The police take a serious view of all forms of illegal betting activities and work with counterparts such as the RMP to find criminal syndicates.' He also extended appreciation to Malaysian authorities, saying: 'I would like to thank Commissioner Datuk Seri Mohd Shuhaily Mohd Zain, director of the Criminal Investigation Department of RMP, and his officers for their strong support and commitment in tackling transnational organised criminal groups.' Zhang added that the SPF will continue to partner international agencies 'to detect and dismantle criminal syndicates wherever they choose to operate'.
