U.S. Treasury officials say additional tools and resources are needed to root out illicit funding by players in the cryptocurrency industry.
Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, said in written testimony at a House Financial Services Committee hearing that published risk assessments of virtual assets have shown that ransomware cybercriminals, North Korean cybercriminals, He said the evidence shows that threat actors such as criminals, fraudsters and terrorist groups are present. misuse cryptography;
He said criminals are using crypto assets to exploit vulnerabilities such as jurisdictional arbitrage and financial institutions' non-compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) obligations. They say they are profiting from illegal activities.
Nelson explains how TFI addresses these challenges.
“[W]We have tools to address some of these vulnerabilities, including using authorities to hold companies accountable for failing to comply with bank secrecy laws and sanctions obligations.
We also use tools, sometimes in novel ways, to disrupt the ability of illegal actors to use virtual assets. ”
However, Nelson said evolving threats require better tools and resources to effectively combat illicit transactions in the crypto space.
“[T]o Additional tools and resources are needed to eradicate illicit financing by actors in virtual asset markets and forums. That's why we want to work with Congress to adopt common sense reforms that update our tools and powers to match the evolving challenges we face today. ”
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Voger Design/Andy Chipus
