US Treasury Warns NFTs May Present New Illicit Finance Risks
The U.S. treasury department has warned that non-fungible tokens (NFTs) may present new illicit finance risks. According to industry estimates, the NFT market could reach $35 billion in 2022 and more than $80 billion by 2025. NFTs May Present Illicit Finance Risks The U.S. Department of the Treasury announced Friday the release of a “study on illicit finance in the high-value art market.” The study was mandated by Congress in the Anti-Money Laundering Act of 2020. “This study examined art market participants and sectors of the high-value art market that may present....
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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....
The Department of the Treasury suggested that the increasing use of art as an investment or financial asset could make the high-value art trades vulnerable to money laundering. The U.S. Department of the Treasury released a study on the high-value art market, highlighting the potential in the nonfungible tokens (NFT) space to conduct illicit money laundering or terror financing operations.The treasury’s “Study of the facilitation of money laundering and terror finance through the trade in works of art” suggested that the increasing use of art as an investment or financial asset could make....
The public has until Nov. 3 to submit comments on the Treasury addressing ransomware attacks, the illicit finance risks of cryptocurrency mixers and DeFi, and coordinating AML/CFT policy. The United States Department of the Treasury will be calling for comments from the public on digital assets, including their views on how regulations may address the illicit uses of crypto.In a document set to be published in the Federal Register on Tuesday, the U.S. Treasury requested public comment on “digital-asset-related illicit finance and national security risks as well as the publicly released....
“There is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,” said the Treasury update. The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets that were the recipients of digital asset transfers.In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury said it will be scaling back its requirements for gathering data from both the senders and recipients of....
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....