Task force to tackle links between criminal and virtual economies
Thomson Reuters and the International Center for Missing and Exploited Children (ICMEC) have formed a task force to look at the impact of the digital economy on criminal activities such as child trafficking. They are working with the Bitcoin Foundation to explore decentralized currencies as part of the effort. The organizations will explore how criminals may be laundering money via digital payment systems to support activities such as human trafficking and child pornography. Around eight years ago, ICMEC discovered that the commercial child porn industry was proliferating on the Internet,....
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The International Center for Missing and Exploited Children has joined forces with Thomson Reuters to examine what impact digital currencies are having on criminal activities such as child trafficking. This task force is working with the Bitcoin Foundation to see whether decentralized currencies play a role. Together, the organizations will tackle digital money laundering as a means to support human trafficking, child pornography and other crimes. ICMEC has in the past drawn connections between commercial child pornography and the fact that most people buying it were using credit cards. It....
Consolidation of law enforcement activity sends a clear message to the industry: It is time to comply. On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after the launch of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), this marks another major step in the U.S. government’s crusade against criminal abuse of cryptocurrencies. What the task force will look like The name....
Creators of the Ripple payment protocol, Ripple Labs, have been elected to the Federal Reserve's Faster Payment Task Force Steering Committee. The Fed created the Faster Payment Task Force earlier this year to tackle the challenge of upgrading the United States' outdated payment infrastructure, which lags behind Europe, and, in some cases, emerging markets such as China. The committee will help execute and discuss a payment strategy laid out by the Fed earlier this year. The central bank's main goal is upgrading the country's domestic payment system used for e-check settlement, called the....
A public-private task force has submitted a report to the Biden administration that includes recommendations to tighten the regulation of cryptocurrencies, including bitcoin, with the aim to combat ransomware. “The cryptocurrency sector that enables ransomware crime should be more closely regulated,” the task force wrote. White House Urged to Tighten Crypto Regulation A task force, organized by the Institute for Security and Technology, submitted a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 recommendations, some of which aim....
This week, the Conference of State Bank Supervisors (also known as the CSBS) made an announcement of a new task force charged with the task of studying today's changes in payment systems. The Task Force, aptly named the Emerging Payments Task Force, will set their attention on digital currencies and other innovations down the line "to determine the potential impact on consumer protection, state law, and banks and non-bank entities chartered or licensed by the states." The Task Force will engage with a broad range of stakeholders - including fellow state regulators, federal regulators,....