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#MiCA was not the only proposal completed last week, as 🇪🇺 institutions also finalised the Transfers-of-Funds Regulation (TFR).
The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.
As always, check our 🧵for details:
1/18
The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.
As always, check our 🧵for details:
1/18
First, a bit of #context:
The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
2/18
The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
2/18
As part of its 2020 Action Plan on preventing #moneylaundering and #terrorism financing, the @EU_Commission put forward a legislative proposal for a recast of the original #TFR text with the main objective of expanding traceability requirements to crypto-assets.
3/18
3/18
Larry Dean Harmon indicted for allegedly running Helix #tumbler used to launder ~311mm of #bitcoin for #alphabay /other dark web markets; 3 counts: conspiracy money laundering, unlicensed money transmitter, violation of DC Money transmission statute; detained to be /1 
transferred to DC. Allegedly operated out of San Pedro, Belize, using offshore servers; US got evidence from his unit in Belize in cooperation with Belize Govt;
