FinCEN Names Misuse of Cryptocurrencies a National Priority – Regulation Bitcoin News
The Financial Crimes Enforcement Network (FinCEN) has named “cybercrime, including relevant cybersecurity and virtual currency considerations” a nationwide precedence. In explicit, the Treasury is worried in regards to the “misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.”
FinCEN, a bureau of the U.S. Department of the Treasury, published its “Anti-Money Laundering and Countering the Financing of Terrorism National Priorities” final week.
One of the priorities listed is “cybercrime, including relevant cybersecurity and virtual currency considerations.” The doc particulars:
Treasury is especially involved about cyber-enabled monetary crime, ransomware assaults, and the misuse of digital property that exploits and undermines their progressive potential, together with by means of laundering of illicit proceeds.
The doc provides that “Countering ransomware has been identified as a top priority for the United States.” Among the methods developed to fight ransomware assaults is “enabling rapid tracing and interdiction of virtual currency proceeds,” the doc notes.
FinCEN wrote that convertible digital currencies (CVCs) “have grown as the currency of preference in a wide variety of online illicit activity.”
The bureau detailed: “Criminals use a number of techniques to obscure the source of illicit funds when conducting transactions involving CVCs, including the use of mixers and tumblers.”
In June, President Joe Biden issued a directive to federal businesses to prioritize efforts to confront international anti-corruption, and cryptocurrency was a spotlight. The Biden administration additionally unveiled its technique to fight ransomware that included increasing cryptocurrency evaluation to search out prison transactions.
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