Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says
Fiat, a government-issued currency, is still the best choice of financial criminals. Concerns have always centered on the possibility of crypto assets being used for nefarious reasons, however the US Treasury department just released something that dispels these anxieties. Despite widespread fears that cryptocurrency could be used for criminal purposes, a newly published report by the US Treasury indicates that the bulk of financial crimes are still committed using fiat money. The US Treasury presented a three-year report on money laundering, proliferation financing, and terrorist....
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One of the biggest stories in crypto right is the news that the Financial Crimes Enforcement Network (FinCEN) branch of the U.S. Treasury is working on cracking down on self-hosted wallets in crypto. A document that outlines the proposed rule suggests that exchanges and other virtual asset service providers will need to verify the name […]
The private sector invests enormous resources to help the government combat crypto crimes, U.S. Treasury Secretary Janet Yellen said. United States Treasury Secretary Janet Yellen is concerned about crypto's supposed criminal element. In Feb. 10 remarks to a financial sector innovation roundtable, United States Treasury Secretary Janet Yellen stated that the misuse of cryptocurrencies and virtual assets has been a growing problem alongside cyber attacks triggered by the global pandemic.Secretary Yellen said that despite the potential of new technologies like crypto, such assets are still....
Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen has issued a firm warning to bitcoin exchanges who haven't yet registered with the Treasury's FinCEN (Financial Crimes Enforcement Network) department. Cohen said that the U. S. Department of the Treasury "know[s] there are many virtual currency exchangers and administrators that have not registered with FinCEN and are not fulfilling their recordkeeping and reporting requirements," at a Bloomberg News event in New York City. "Those that do not comply with these rules should understand that their actions will....
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The U.S. Department of the Treasury announced Friday that the Financial Crimes Enforcement Network (FinCEN) has proposed new rules “aimed at closing anti-money laundering regulatory gaps for certain convertible virtual....
The U.S. Department of the Treasury is seeking public input on “digital-asset-related illicit finance and national security risks.” The department warned: “The growing use of digital assets in financial activity heightens risks of crimes such as money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption.”
US Treasury Wants Public Comments on Crypto-Related Illicit Finance
The U.S. Department of the Treasury published a notice Tuesday inviting “interested members of the public to provide input pursuant to....