US Treasury official says crypto mixers are a 'concern' in enforcing sanctions
Assistant Secretary at the Treasury Department Elizabeth Rosenberg said sanctioning crypto mixers could help deter money laundering from entities in Russia, Iran and North Korea. Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the United States Department of the Treasury, suggested sanctioning cryptocurrency mixers could help strengthen the government’s response to foreign entities looking to use digital assets for illicit means. In a Tuesday hearing of the Senate Banking Committee, which covered sanctions on Russia, Rosenberg said having the....
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“The vast majority of digital assets are being used for legitimate purposes, but for those that are primarily in the business of furthering criminal enterprises, we plan to use our tools to go after them,” said Wally Adeyemo. Wally Adeyemo, the Deputy Secretary of the United States Department of the Treasury, said the department would likely be enforcing more sanctions on companies involved in illicit transactions related to ransomware payments.Speaking at an online event hosted by the Center for a New American Security with former Treasury Secretary Jack Lew and Ambassador Paula....
The U.S. Department of the Treasury does not see that cryptocurrency could be used in a large-scale way to evade sanctions. “Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted.
Treasury Department’s View on Crypto Use to Evade Sanctions
Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters.
The senior Treasury official explained that the crypto....
The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,” the Treasury Department explained. Treasury Says Crypto Threatens Efficacy of U.S. Sanctions The U.S. Department of the Treasury released its 2021 Sanctions Review Monday. “Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all....
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued its first-ever sanctions on a crypto mixer. The mixing service was used by Lazarus Group to process illicit proceeds from the $620 million crypto heist of the online game Axie Infinity, said the Treasury Department. Treasury Department Sanctions Crypto Mixer The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Friday that it has sanctioned crypto mixer Blender.io (Blender). According to the OFAC, this mixing service is used by the Democratic....
Treasury sent Congress its GENIUS‑Act‑mandated report on “innovative tools” to fight crypto‑enabled illicit finance. A Crypto’s “Hold Law” And A Privacy Paradox In a 32-page report submitted to the US Congress this March, the U.S. Treasury Department has endorsed lawful uses of crypto mixers (a service that takes in cryptocurrency from many different users, mixes […]