Roland Marcus Andrade, creator of "AML Bitcoin," was charged with fraud and money laundering in a grand jury indictment unsealed yesterday.
Andrade's "co-schemer" was none other than Jack Abramoff, the lobbyist who previously served prison time on charges related to providing expensive gifts and trips to federal legislators. Mr. Abramoff has agreed to plead guilty to criminal conspiracy charges and a criminal violation of the Lobbying Disclosure Act (LDA). The LDA charges against Abramoff are the first-ever brought since Congress, in 2007, amended the act to address lobbying abuses and undisclosed influence.
Lobbyists and companies that engage in lobbying activity should re-familiarize themselves with the LDA and note the DOJ's new enforcement. Additionally, it appears that US regulators continue to keep a close eye on the money-laundering risk associated with cryptocurrencies.
Andrade claimed this technology would allow the AML Bitcoin cryptocurrency to comply with anti-money laundering and know-your-customer laws and regulations.