US Treasury: Bitcoin's Use in Funding Terrorism 'Unclear'
A new US Treasury Department study reports that bitcoin could possibly be used to fund terrorism but says the actual risk posed remains uncertain. The National Terrorist Financing Risk Assessment, published 12th June, includes virtual currencies on a list of "potential emerging" risks as a tool for funding terrorism, stating that bitcoin "may be vulnerable to abuse by terrorist financiers". The report notes: "Given the attractiveness of virtual currency to conduct illicit financial transactions, the possibility exists that terrorist groups may use these new payment systems to transfer....
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What seems more likely, however, is how organizations like IS get their funding through money laundering, a scheme that has been plaguing traditional finance for quite some time. The topic of the involvement of Bitcoin in terrorism funding has been kicked around a few times in the past, but it looks like there is no end in sight. Amit Kumar, a US-based terror expert, feels it is vital to disrupting terrorism financing, references to Bitcoin in this context as playing a role that further warrants investigation. It is not the first time someone mentions Bitcoin and terrorism funding in the....
One of the charges that has been levied against Bitcoin is that it is involved in the funding of terrorism. In the current media, such a charge is highly damaging, but is it entirely without foundation? In an article titled "'Bitcoin and the Charity of Violent Physical Struggle,' supporters of the Islamic State of Iraq and Syria (ISIS) called for terrorism-supporters around the world to fund a global jihadist campaign by using Bitcoin. The blog advises ISIS on how Bitcoin can facilitate the anonymous transfer that suit the needs of an army in jihad. However, the pro-ISIS blog that....
With the recent false accusations by various media outlets regarding the involvement of Bitcoin funding the terrorist attacks in Paris, a new topic of discussion has been creeping up among the community members. One of the ideas being talked about is how Bitcoin should do more to prevent these terrorist allegations, and take things one step further to....
Janet Yellen, the new U.S. Treasury Secretary, has warned about “a growing problem” from “the misuse of cryptocurrencies.” She emphasized that “cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.” Janet Yellen Warns of Cryptocurrency Risks The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable on Feb. 9 and 10. “The Roundtable brought together policymakers and regulators with experts from the private sector to exchange....
Flagged as a “significant threat” to the United States national security, Bitcoin mixer Blender.io has become the first crypto entity to be sanctioned by the Treasury Department. According to a press release, the platform has “failed” to implement Anti-Money Laundering (AML) and Counter-Terrorism policies. Related Reading | BitMEX Founders Ordered By US Court To Pay $30 […]