14 October 2015

Liberty Reserve manager pleads guilty to money laundering

18 August 2014  |  3559 views  |  0 Statue of liberty

A manager at Liberty Reserve, a digital currency outfit described by authorities as the criminal underworld's "bank of choice", has pleaded guilty to money laundering charges.

At a hearing in Manhattan, Azzeddine El Amine, from Costa Rica, pleaded guilty to money laundering and operating an unlicensed money transmitting business.

Incorporated in Costa Rica in 2006, Liberty Reserve is alleged to have laundered more than $6 billion in criminal proceeds over the years. The service had more than one million users around the world, who made around 55 million transactions through its systems, laundering proceeds from crime including credit card fraud, identity theft, computer hacking, child abuse, and narcotics trafficking.

In an international operation in May 2013, authorities shut down the service and arrested several people, among them principle founder Arthur Budovsky and his principle deputy, El Amine, who were both picked up in Spain.

El Amine is now cooperating with authorities in a move that will be taken into account when he is sentenced. A Liberty Reserve o-founder, Vladimir Kats, cut a similar deal last year. Budovsky remains in Spain fighting extradition while two others, Mark Marmilev and Maxim Chukharev, are scheduled to face trial next year.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

01 November, 2013
29 May, 2013

Top topics

Most viewed Most shared
European Parliament rubberstamps Payment S...
11767 views comments | 49 tweets | 66 linkedin
Banks must embrace fintech-fuelled payment...
9482 views comments | 35 tweets | 27 linkedin
Global transaction banking set to be a key...
6971 views comments | 10 tweets | 22 linkedin
London fintech investment in first three q...
6711 views comments | 30 tweets | 20 linkedin
Chinese hackers breach LoopPay
5808 views comments | 8 tweets | 7 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits

Find your next job