The US Financial Crimes Enforcement Network (FinCEN), an company of the US Treasury Department, has introduced that cryptocurrencies are on their “priority list” for combating monetary actions and terrorist assist.
FinCEN is an company charged with stopping and punishing cash laundering and different monetary crimes. Recently, the company turned its consideration to cryptocurrencies. Notably, on June 30, FinCEN introduced the US authorities’s high precedence listing. Including 8 issues talked about:
- Corruption
- Cybercrime and a few concerns associated to cryptocurrencies
- Terrorist Financing Activities
- Fraudulent appropriation of property
- Activities of transnational legal organizations
- Drug trafficking
- Treats
- Common unlawful financing actions
At current, the company itemizing will not be tied to any coverage. FinCEN additionally introduced that it’ll subject laws at a later date specifying how monetary establishments ought to incorporate this “priority list” into their anti-money laundering (AML) applications. .
Since the tip of 2020, FinCEN has been working laborious on the unfold of cryptocurrencies. This was additionally when the Ministry of Finance issued a controversial regulation requiring cryptocurrency exchanges to determine particular person wallets making massive transactions.
The Internal Revenue Service (IRS), one other company of the U.S. Treasury Department, additionally made headlines – first in 2016 and once more in early 2021 – for issuing a controversial summons to cryptocurrency exchanges to cite some nice offers.
FinCEN’s inclusion of cryptocurrencies and cybercriminals in its precedence listing stems from a number of ransomware assaults. Like the Colonial Pipeline hack, the place criminals extorted Bitcoin (BTC) cash.
“The Treasury Department is particularly concerned about online financial crime, ransomware attacks and the misuse of crypto assets and undermining their innovation potential, including illegal money laundering,” FinCEN mentioned.
The company views cryptocurrencies as “a significant financial innovation”. However, FinCEN additionally acknowledged that cryptocurrencies are at the moment the “preferred form of payment” for a lot of unlawful actions, together with ransomware, medication …
“It is even used by some of the highest priority terrorist actors to promote their illegal activities and nuclear weapons ambitions,” FinCEN added.
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