Cal Evans
Managing Associate - (UK & Ukrainian Lawyer and US Securities Specialist) at Gresham International
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Wyoming Blockchain Stampede 2020 | LawCon
September 25, 2020, Wyoming, USA
Wyoming Blockchain Stampede 2020 | LawCon
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Legal Ethics: Digital Asset Money Laundering
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About speaker

Cal Evans
Managing Associate - (UK & Ukrainian Lawyer and US Securities Specialist) at Gresham International

Proudly featured in CNBC, Forbes, Easyjet Magazing, Huffington Post, Buzzfeed, Cointelegraph, Medium, Playbuzz, IPWatchdog, and others.Author 'The Little Book of Crypto' - 2019Writer, Award Winning Speaker, and top five Independent Cryptocurrency Compliance expert.(As rated by Forbes). Top speaker Global Genesis 2018. Author for publications including IP Watchdog, CoinTelegraph, Cryptoslate, and Crypto Daily attracting over 100,000 views per week.Government advisor to Estonia, Malta, and the UK Blockchain Taskforce (Bank of England, Treasury, and FCA).An entrepreneurial Legal professional with experience working on behalf of companies across the globe in a range of industries with a focus on Cryptocurrency.

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About the talk

Wyoming Blockchain Stampede 2020 | LawCon | Cal Evans | 9-25-2020 | 3pm-4pm MT

00:05 Intro

04:36 Money laundering

08:50 Complications

14:40 Tackling money laundering

20:00 Legislation

25:30 The issues of cryptocurrencies

29:54 Governmental actions

34:45 Crypto-company registration

40:30 What to look for?

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Hey guys, I'm Cal Evans, thank you for joining me with this session all nuts little Essex. We're going to be looking at digital asset money laundering song Chris Brown cryptocurrencies, the things of that nature I'm not really here and it's great to be back and talk of this wonderful event again. I have everybody's enjoying going digital or is it you who are in Wyoming or enjoying it is? Well, I'm sorry I couldn't be there by Jess next year when it COVID and things have calmed down be great to see you all

again. So what I'm going to do guys in and drop the presentation. So I am prepared for you. One of the things I like to do whenever I talk about any particular topic is to keep things very fluid and very on points. I will occasionally it's a shame because I usually welcome questions, but unfortunately this is going to be pre-recorded. But if any you do have questions feel free by the ocean in final sliced, which will unable to be in contact with me back. I`m a lawyer, I`m not your lawyer.

I`m an international lawyer in the United Kingdom and you crying with my bar in the UK comes a couple of other jurisdictions. I'm home calling various other places as well. I am proud to have worked within the cryptocurrency spice since about I Am The Medicine Associates and founder of Gresham International it is I creeped out only Lowell Sun. I do always true of the distinction and tell people that live in Creeks are an unregistered legal profession with fine with

bodies regulates. As I with private clients Financial firms and governments are the clients include organizations are looking to undertake maybe they are working within the financial firms includes banking financial institutions' private office's price on the government's request ways. Recently. The government has recently and within the Lost. Sweet suggested views with the government's Paraguay and Bolivia this I speak Gracie speaking here Speaking Rock the world. I will be

out in 30 next week. I'm in Dubai the week after that as well. And I have an ulcer in the book the little book of prints out a while ago. And to be honest, it's some it's a great read but it's probably going to be attending this conference. Commendable keyboard amusing about three of my housekeeping. So anything that we speak about his day is not to be construed as legal advice on some Financial advice or any kind of other species beautification purposes only again, we do and I do love working with clients. If you have

anyone questions about structuring about managing about focusing on any of the things we do. Please feel free to reach out to some of the people I know ready to have reached out will be pleased to show you that I am happy. It's really important that I'm going to be talking about today and we might as well together a little bit more. Lights around the focus Point here is money laundering is the process of taking funds to gain from illegal or illicit activities.

Back into circulation. Please do this. Why do criminals do this? Why do Enterprises which scrupulous? Well, they do it more often than not agreed to meet the objectives of what it is that they looking to retrieve we always have to draw the distinction. Hey guys, between money laundering and other aspects such as money transmission money curry ring, please refer to and then anything such as tax evasion comes usually comes with an Enterprise. So you'll see

some of these things align together. I might speak about them occasionally in different countries, look at them very differently for a great example. You can move anything any amount of money into the United States, but anything above $10,000 you have to take a backseat to manage money could be illegal because it's the weather on the Singapore flight. You have to report the different countries on her side of every different light. That's just one was very

basic example of how the world looks packed. Some things differently when we talked about it. This definition is pretty much what we're missing the side effects of money laundering up briefly, Then that's pretty easy to understand and say how pretty they are. Okay, criminal activity is everywhere and it is a simple ask somebody robbing the house next door selling the license that they steal and then using that money is how they use that money. That is the essence of money laundering. Everybody has of money laundering is

specifically large-scale operation. And so they think I want it doesn't radiant me. It doesn't affect me, but I see that's we do when we allow money laundering Skype twice it enables the facilitation of things like organized crime and terrorism the flower that all groups and organizations out there in the world. I'm pretty nasty things and that survival is dependent Finance is dependent upon my laundry not being able to use that money is the strength Walking Dead in business

the UN estimated money lenders in around 2019 225 centipedes. They estimate that around 90% of the money laundering Go soundtrack. So that's around eight hundred billion to trillion dollars of money that's going to hurt. That is not a small fee by spice the GDP of a small country every year as long as a result. Direct result of activity, so whenever we spoke about it, it`s very important. I think a lot of people do very major transportations some very nice ramifications.

What are the complications with money laundering? Well, the first thing is this what's the legal in one country is not always illegal in other money finances are international regardless of whatever currency you use the concepts of money laundering is international internationally because people will move money using the situation where it's not illegal as it is in another When we break down and we look at what is legal and what is illegal within different countries. We begin to see a

very complex liar what exactly it is money laundering is an idling emphasizing drugs as an example of selling marijuana legally in the United Kingdom. It still reminds exhaust drug with some friend laws around it to be considered a medical use purpose. If you have a medical asset recovery Healthcare professional is still an illegal drug. This means that if you sell it the money came from it's illegal and when you put it back in circulation, you are effectively money, but laying in some countries for example of what states are in the United States. It is not illegal and saw

the sign money. Can I earn from selling the same thing as free legal in another country does not look what constitutes the illegal activity by which the money is being laundered. There is also a difference in tax situations. One of the biggest things that we look at is money laundering being a fight to the text again illegal activity subject to taxation statue is that if you will not declaring any money if you don't have to show where that income time from of

course not showing wedding timeline from is it to look, I spoke about money go, ice tokens people before who address money laundering making money off the top and reading all caring and people kind of stain. Look would it mess up the house next door. In route and that is the essence of its move. Violent crime is money laundering people trafficking illegal sex trade drug-drug flowing. Everything was Wiz. The exponential form of terrorism organizations were founded for years and there were still many organizations

stop terrorists and they are directly financed through money during those terrorists. Don't just pick white-collar crime. They impact people. I know this was saying that you don't need her nobody needs a lesson on that. I'm so we have to remember that. This is very much one of the complications, but it's brought around with my lover many people don't see it just because the money laundering victimless it does not mean the most popular but it does not mean that individuals are not being honest. We also do not live in

Exist everywhere. If it doesn't if it is not used primarily within your will by you as a cousin elsewhere within the world is still very much and speculation. There is a huge percentage of the world has gone. So many people out money on Greencastle societies. It is not a physical property is a first world problem. I reside I'm coming to Erie California. One of the things that are very hot topic is the population of Mexican and other South American people that come here illegally and working a

cash because it's possible to get a bank account in circulation. I cannot receive a MoneyGram and people are often tricked into a money laundering. Confused. Sometimes people want to use somebody else's bank account to lend money and I will payback these things. We ask specials and ways individuals have to be very mindful of whenever we do business and whenever we're looking at things. Apple money laundering speech on this at the EU a couple of years ago on Woodley

you focus group eat these free pillows to tackling money-laundering operation its enforcement and its legislation equally as important as one another operation comes from organizations and groups working together enforcement comes from police regulators and oversee is being able to do that job and legislation is about giving those out is the power and the trust to be able to assist within the entire ecosystem because this is international because this is focused around the ecosystem is that we have to be able to manage

each one of these pieces together and independently. Dwight together to do this. So we need to be mindful. These are the three times as long as we keep Focus points operation is not just about police whenever I have spoken about some people have said look Corporation what it's all about. The police were the good guys catching bad guys. In order for money laundering will be eradicated or suddenly stopped to a degree where it becomes ineffective different entities have to work with each other. The banks are sometimes called the

Guardians financial loans the money. I know I know many of us all of us and found some of that particular measure Alice a real situation is that they all do value job, ensure that money is received into their account is not illegal. It is not laundered is not being. Louis Weasley professional’s weird cutie to Monitor and to check activity or clients. There is a big difference around the world with that. I'm one of those very quick things I want to talk to him is that you and I can do well

wherever you are bald, especially if you want International or Maltese types everything to check the rules and regulations off the country since I switch you off. I'm in it for example in America and the United States. There is an equine for Central that is sacrosanct. It can only be broken very limited circumstances in the United Kingdom lawyers all the power opposite. They actually should report money longer respects. It is on the back of her to come dogs real estate agents in selling properties that have an obligation to

look for what is money laundering or accountants, especially that has to be advised. They have to be aware of of all the signs of money laundering. We go to school a little bit later about what are the signs of money laundering please. Working together to deal with her issues. This is the most associated thing with Realistic clay. The police have been doing this for a very long time and it's very well organized. I've spoken with your Apollo life was with on the FIU in Estonia. I've worked with civil Oldies theme in the

pool and various other places Financial Corinth police force is a well-oiled machine. They are very organized and they know what they're doing. And of course the only possible way to get out here today giving people the knowledge to understand money laundering when it occurs. What is the things to look out for? What should you be doing? As I said, every major police force has a money laundering or financial crimes unit. Every single one money laundering is a Hot Topic every single country has to Outlaw in some form or another is one of the early

universal laws exist across the world and most countries give reporting powers to their policies. Stop Spanx colloid. Ami employment world is known as whistle blowing rolls, but Banks and Louis have gone a good omen to protect themselves and to ensure that Eddie money laundering is suspected of it can be reported and it is very important, remember, money laundering become in massive issue of the lost a massive issue. It is a combination of the evolved into technology the speed of travel one of the things that

I waste when she was the introduction of place 500-euro note. We've created a world where things are more expensive. But we're reluctant to create a monetary value instruments only because of the 500-euro note used to exist exist and you can keep up to 225 35 million dollars in a single cereal box in 500g run. So it was removed, however, the realization book most crime is financed or money laundering. In fact that the whole purpose of a lot of crime is money. Then we

realize that it's a massive problem and lows there been an accident or weight loss drinks to drink from school in Poland. Thanks legislators Regulators government trying to stop people from sending or using them on most of the time now actually just genuinely trying to stop illegal logging games from moving around the world and that's a really important thing. Look into cryptocurrencies. Original Isis follow protocols on a certain level of protocol they understand when they made it doesn't matter where they use a switch and a fax or whatever particular Financial transactions

particles have been set in place and including dealing in cash as well. I'm so when cryptocurrency into the scene this created a problem as far as money laundering was concerned. I need to create a message for real quick second. Anybody that has herpes works with me, I know. I think I genuinely believe that when most people understand cryptocurrency. I am yet to meet one individual. It's a simple fact the technology. That is the storage. That's where the issues are created. Oriental when we talk about money Transmissions money transference, that's one big piece of

money laundering getting it from one place to another with this very easy. We don't even have to talk about blockchain movements are getting money placed on the Ledger on I have very well. It's about a place that you can move to. An insane amount of money on a device is no bigger than a USB stick and that is a real problem. As far as money laundering is concerned because it's not as if you are walking through an open bag of cash on you. It's relatively easy to spot is relatively easy to find somebody that's

doing that if you just have a USB stick on you it is no different Specialties password protected pretty much inaccessible. Increase problem money trafficking money transmission and spending money easy with bricks on one of the things we love about it is one of the biggest problems for my money laundering sends money trafficking we moved around the world money transmission. We have seen how quickly and how easy it is for money to move from one country to another I can be sitting here and I can send money to people in North Korea which is technically illegal

it is illegal actions, but still can be done and spending money wherever cryptocurrencies excited now that may seem like I eat Let me seem like a real kind of known problems, but many people make lights the grey market a grey market in terms of money laundering is where are illegal funds are used to purchase legal girls all been resolved. Our great-uncle. A lot of gray Market activity comes from the purchase of expensive electronic license Windows, electronic items are purchased with legal guidance switch to be done in theory through

Bitcoin or another cryptocurrency and resold through Ebates around us and then the money that is brought in from that. Is looks clean and that is the whole purpose money this money comes from your points in the style of that particular electronic license just when the funds came from these shoes are real issues with cryptocurrencies table all of this stuff to happen and I do not believe that anybody in the creek Salado Walden The Creeks are space is unfamiliar with any of these unregulated exchanges. He's probably the biggest problem.

I see is the cryptocurrency industry again decentralized. Everything is explained X lock the freedom. It gives people but when we Running Company is created facility swapping transactions, everything else that goes with that people should be allowed to do that and I can do that but when companies do it in an unregulated why I don't respect by the regulation on this matter is relatively new and inaccessible for some jurisdictions, but the fact of the matter is the difference between a company which show

how intense and company that is not interested. And they directly facilitate on an able money Long Branch which assists with terrorism which assists with bad things. I'm so I as far as I'm concerned, that's the number one industry buying cryptocurrency selling them to the guy on the street opening his jacket having a bunch of water is in that thing, you know, you were playing something from somebody. You don't know great. They are accompanied but you are still buying it from me and I don't know that unrestricted cross-border payment again this for me is not such

a bring it. There's an issue and then money not answering the system. One of the key things that I enable speak some currencies to be used for money laundering is that you don't even have to enter into feet circulation. Spoke about we can sit here and talk negatively about cryptocurrencies for a very long time. There was a missed opportunity had one of the things they say if everybody was to switch to a regular version of cryptocurrencies stress regulation, we actually stay wild with money laundering,

amount of money Heist Weisse, we think of a technology behind it was a ledger which shows every transaction which removes Wallace would explain to you easily be able to see who sent that. I'm with my sunset. We can't forget the money loan brain as a customer used for cryptocurrencies and two people that point the finger cryptocurrencies in dollars, I own it, I think it is terrible / money. Laundering has been around long before cryptocurrency. Again, when I spoke with you or call one of the things I said she did

one of the things I said looked whenever there were new technologies. There are no bad guys. That's the reality we get small to the criminals and that is what happens and that it's always happening billion dollars per second a 2.8 billion dollars that 800 - 2.8 billion situation and 3.8 billion used to Prasad. I think we begin to paint a picture of just exactly how much of a known problem. This is what I think to get ahead of it. We need to look at the good the cryptocurrencies can do and I think we miss that. Seminole understand that we need to look at look

what our governments during I will keep this within the Crips or perspective this say what a government's doing for cryptocurrencies. What are they doing? Nothing are some countries out there that genuinely do not have a position on additional cryptocurrencies, iPad doesn't want to deal with it. But some addressing it, creating money laundering laws with a little bit more about that lights are on the summer focusing on issues that are caused by it and I see manatees The reason I raised that is that there is

money laundering is a true International problem when it's turned into the concepts of cryptocurrencies. It's almost as if sometimes and sometimes it's managed of we're not doing anything to we all go into existence and it was a scale in between that and you have to be aware of that. So what do we need to do as professionals as individuals? What do we need to do? The cooperation pace is as important as the other two elements. If not, if you detect if you pick up if you sent money do you have to do with it? You have to it's one of

these things where you may think it's only a couple hundred bucks County couple of thousand dollars. We need to put things in an international perspective. What is a couple of thousand dollars to the US is a year's salary somewhere else in the world and many people forget that I said this area and this is a very important and so it's kind of like I want you to make sure this gets managed very well. We need her needs to look at International laws and understand them. If you are a domestic us attorney unruly

if you are a domestic you Titus money only if you are called in one country and you focus on one country and you were quitting cryptocurrency, congratulations, you just graduated dust everything your client focus is on an International plate and just because they are selling they are trading they are issuing mining. They are pulling anything with cryptocurrencies. It can be accessed internationally and you have to understand that was International Lowe's. You can find out so much by researching. Like doing what we do best is

Lawrence going away and reading the legislation and understanding it appreciated what I said earlier, but that is a scale of doing nothing doing something and that this application May ocean live with you as a professional and it lies with your clients as an individual or Corporation. You need to understand these goals. If you get stopped if your Tennille one of the things I flag, and I raced now is that all professional cryptocurrency lawyers out there fighting myself as the shining example, but I'm

saying I am a cryptocurrency lawyer if there is something the public sees you or you are not sure about what you don't do not understand contact me or somebody else this event as probably the most amount of Krypton specific lawyers or least Louis that have words in print out enough to be noticeable on it. Houston you seriously because when we talk about financing terrorism when we talk about people's lives being ruined this is so it may be simple enough mine currencies transmitter sell

Bitcoin, but you don't know the back end of what you doing. I need some message meme for One of the things that I do look at what we need to do one of the things that I do with a lot of my clients if I say you are looking to play bull if you are looking to play by the rules. Register your company somewhere where there is serious crypto regulation in play in my only be something simple many countries are 32 years ago issued a license is designed for companies that issue. Wallach the companies that issued an

exchange it wasn't recognized anywhere else and you had to comply with the FIU dystonia monetary goals, which of the seat arrival from EU license. This is not possible did it was something that was domestically for Estonia. Thousands of companies signed offer individual willing to at least show that I have a sincere. That's what I'm saying is possible now more than ever. Remember, even if you point the company is domiciled in the EU Singapore from having a facility

or any of those locations the UK has some of the best cryptos in the world are regulated by the FCC Financial Conduct Authority money laundering laws to register and undertake fruits are transactions in a specific Singapore mass as it shoots in fantastic rules out there guys. We've had a great list of companies of countries, excuse me. Have very schools. If you want to call me that message me I'll send it to you, but make sure that Understanding and register somewhere. Nobody can ever argue that

it's about taxation, but it's about luring clients in a neutral country. If you are internationally focus and doing no domestic work in Singapore is tax-free. The European Union has a fantastic time. Astoria are the United Kingdom countries have different home to do every justification. To not register a company that he doesn't exist. voluntarily register company Zumiez locations the single most important thing. When you are off the music, what do we need to do as professionals as individuals are to identify your clients.

There is a legal obligation in many countries if you all doing certain activities holding companies running companies and idling money Transmissions anything else you have to identify your car and then it doesn't matter if you are a lawyer. It doesn't matter. If you are a notary. It doesn't matter. If you are something in between any of them, you have to identify your clients if it involves money by a substantial sum of money and you all facilitating a third-party action. You need

to identify the individual the way you do that. It Is 2 is a rooftop. Birthday that cost a document which is a possible obtain a copy of that possible II which is a utility bill or other documents that State Bank Seligman. Got to make sure that everything on that marries out. Make sure there's no doubt because course you can have something from an old address whatever you do with short of the ideas because I'm doing business with the company. I've had this difficulty incorporation. That's okay. No unique line talk to me a little bit more

about making sure that you are satisfied. If you have questions about the individual is the possible look suspicious you need to Ask questions about International databases that will let you run questions queries on individuals. You can do that and report any suspicious activity. Listen, I'm sorry. I can't work with you. I'm sure somebody else will do it. Make a difference make an actual difference in the UK? Next to it. But if you suspect illegal activity if you are an officer of the cool.

If you'll know and you are professional your profession boost and it should tell you what else you need to make sure you know who you're doing business with identify. If you can identify them. Washington account. Which is legal and money. Don't cry sometimes about look I want to buy that is asked what I remember those of you who remember the free lesson for you tax evasion is illegal weapons is just sensible planet is the please remember that Serious things to look out for coffee doesn't want to identify themselves. I can't find my passport and I send you a note. I

need to see the documents you need to turn to retouch it. Make sure it's real if you come in and you need to go to a nose you need to get them. Excuse me to go to a notary or another loyal to them if somebody physically sees somebody's going to see that. Montauk insists on doing a transaction to another bank account. I am sure for those of you who I'm business professionally I've seen is the most handsome I'm many people who got the look I v. I need to pay this invoice from this company. Is that okay?

One of those policies, count for the ringtone is organizations that respond, and the phones will come in. We will as part of due diligence on top of the client on the title of KYC on that account where it came from then that's a major red flag. Even if it's something as simple as if it was somebody in the system keep your transaction off the books. Bayesian is legal shooting anything off the books of special concern about the difference between a Beta fish live in Menomonie guys. When you deal with the corporation, make sure the

person you are working with owns that company get a record of Otis will get an undertaking Wyoming is a great place that doesn't publish owners of a corporation that is not a problem. If it doesn't mean that you cannot do business with them you have to do is get them to demonstrate that they own it could be something as simple as Why does he is always a valuable instrument in companies your stories respect now when people want not to take money laundering, how space to show

that you're okay to register that does not require you to register that does not require any kind of tax returns. You can still work with them, but just be sensible about how you identify who owns that come tonight and always ask more questions if needed with Ruben that guy's been desperate contracts awesome questions. Ask more questions, don't know rest, it's generally we spoke about a scale. We don't be so interested again, but they all dealing with it is going

around. Coronavirus stimulus bales of straw it's a matter of time before it comes in other countries are doing well small or and scene does negative results. So we're never going to see we never learned to see crypto accounts illegal five years ago. But now we know we will see more licensing companies becoming mainstream printing companies go public more information is accessible about cryptocurrencies license is being given with c not embarrassed ice machine gray. Stop

becoming mainstream. It's an Italian company to do business legally and the death of unlicensed. If you are still thinking of running a company without a license that's going to do lots to house key and fun things at different times based on getting it out of your mind. It's not worth it go and get a license somewhere new clients will appreciate you more for it. Genuinely. Hope you enjoyed it. I don't know time together when he goes to read scratch the surface, but if you have any questions, feel free to reach out you can reach me on

any of the two methods to the side in the virtual lobby. I'm dancing as a virtual borrow a car commercial coffee house. You can come with me whenever you can.

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