According to reports, Venezuela is expected to increase its use of cryptocurrencies once the US reimposes oil sanctions on the country from June 1st.
Venezuelan opposition politician Leopoldo López and national security leader of a New York-based blockchain data company chain analysis, Christopher Doucetteon Monday (April 29), releases a report that says democratic governments should establish structures to combat money laundering, Reuters report Monday.
López and Doucet said in their report that Venezuelan President Nicolas Maduro is seeking to use cryptocurrencies to “move illicit proceeds into the international financial system,” Reuters reported.
Chainalysis reported this in February. money laundering Tactics are changing, with more sophisticated crypto criminals using bridges and mixers.
Cryptocurrency criminals are using more nested services and deposit addresses to better hide themselves from law enforcement and exchange compliance groups, and reduce the impact if a single deposit address is frozen due to suspicious activity. The company said it may be diversifying its money laundering activities. time.
“As a result, combating crypto crimes that target money laundering infrastructure requires greater effort and understanding than before of interconnectedness through on-chain activity, as the activity is more diffuse.” ” Chainalysis said in the report. crypto crime.
In March, Financial Action Task Force (FATF) whose jurisdiction is money laundering and the threat of terrorist financing through cryptocurrencies. The FATF added that jurisdictions must license or register virtual asset service providers (VASPs) and conduct reviews of their business practices, products, and technology.
Also in the US in March authorized 13 Russian-linked fintech companies suspected of using cryptocurrencies to evade bans.
Sanctions were enforced by the Ministry of Finance Office of Foreign Assets Control (OFAC) and FinTech companies including Atomaiz, B-Crypto, Masterchain, Veb3 Tekhnologii, Veb3 Integrator, and Tokenhurt, a Cypress-based company that is also the majority owner of Atomaiz.
“Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war against Ukraine.” brian nelsonThe US Under Secretary of the Treasury for Terrorism and Financial Intelligence said in a statement on March 25th.
