- FinCEN of US Department of Treasury updated their AML-CFT Priorities.
- Cybercrime and the misuse of virtual currencies is now a top priority in the US.
- Treasury is particularly concerned about cyber-enabled financial crime.
The Financial Crimes Enforcement Network (FinCEN) has considered ‘cybercrime, including relevant cybersecurity and virtual currency considerations’ a national priority.
According to their updated Anti-Money Laundering and Countering the Financing of Terrorism National Priorities(AML-CFT), the misuse of virtual currencies is now a top priority. Last week, the US Treasury further stated,
”Treasury is particularly concerned about cyber-enabled financial crime, ransomware attacks, and the misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.”
Furthermore, the document explained that countering has been identified as a top priority for the United States. Also, FinCEN notes that convertible virtual currencies (CVCs) have grown as the currency of preference in a wide variety of online illicit activities.
With this, the bureau added, criminals use a number of techniques to obscure the source of illicit funds when conducting transactions involving CVCs, including the use of mixers and tumblers. Explaining that they have been used by some threat actors to enhance their illegal activities and nuclear weapons intentions.
It can be recalled, President Joe Biden told the federal agencies to prioritize efforts to confront global anti-corruption including cryptocurrency. Recently, he also shared a draft regarding the 2022 budget which includes proposed crypto regulations. The first proposal aims to “expand the scope of information reporting by brokers” to include “US crypto-asset exchanges to report information relating to certain passive entities and their substantial foreign owners. Notably, the Biden administration focuses to combat ransomware that included expanding cryptocurrency analysis to find criminal transactions.