Cybercrime task force monitoring the global digital financial system
Regulators are addressing the growing threat of transnational cybercrimes in the financial industry. The United States faces a growing threat of transnational cybercrime, particularly against its financial system. In what may be the largest prosecution of its kind in U.S. history, the U.S. Department of Justice has charged Texas tech billionaire Bob Brockman in a 39-count indictment with evading $2 billion in taxes. The businessman used encrypted devices and code words to conceal his wire fraud, tax fraud and money laundering within a network of offshore entities and bank accounts. As the....
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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,....
Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies. After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force.The Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly two months to pass through several senate, house and fiscal actions before finally being signed by....
Reuters, the World news leader in business and financial news, is reporting that a Bitcoin task force of United States regulators has been busy working to put together the first Bitcoin rule-book. The rules will, hopefully, protect the users of bitcoins from fraud while being careful not to dampen down, or smother, what is effectively, still a fledgling technology. Tech 2, an online technology blog also reports that an ever-growing number of companies are willing to accept bitcoins, but since Bitcoin transactions are not centrally regulated, the users of Bitcoin face a maze of rules....
In a new bipartisan initiative to regulate the cryptocurrency sector, Senators Elissa Slotkin and Jerry Moran have unveiled the “SAFE Crypto Act,” which aims to establish a federal task force designed to address the increasing risks associated with digital asset scams. New Task Force Proposed The SAFE Crypto Act seeks to create a comprehensive task […]
Russian financial authorities appear to be close to clarifying their stance on bitcoin with the announcement of a forthcoming paper to by published by the Financial Action Task Force (FATF), an intergovernmental body set up to combat money laundering and terrorist financing. Rossiyskaya Gazeta, a Russian-language news source, is reporting that the paper will mark the conclusion of research conducted by anti-money laundering (AML) and terrorist financing officials at the FATF and other agencies within Russia and around the world, including the US and UK. The FATF paper is being spearheaded....