📣 The U.S. Aims to Intensify the Fight Against Illegal Crypto Funds
posted 9 Apr 2024
The Department of the Treasury in the United States is pressing for expanded authority to levy sanctions against crypto exchanges and digital asset providers involved in illicit transactions.
"While we continue to assess that terrorists prefer to use traditional financial products and services, we fear that without Congressional action to provide us with the necessary tools, the use of virtual assets by these actors will only grow," Adeyemo concluded.
During a hearing on April 9th, Deputy Secretary of the Treasury Adewale O. Adeyemo highlighted the increasing utilization of digital assets by North Korea and Russia for illicit resource transfers.
To counteract this, he proposed the following reforms to the Committee:
- The implementation of secondary sanctions for foreign digital asset providers facilitating illegal financing.
- The modernization of existing entities to include participants in the digital asset ecosystem.
- Addressing the jurisdictional risks from offshore crypto platforms.
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