The Division launched its 2024 technique for addressing illicit financing on Thursday.
The U.S. Treasury Division desires to proceed beefing up anti-money laundering and counter-terrorist financing efforts round digital belongings, as a part of its broader technique to tamp down on illicit financing.
The division printed its 2024 “Nationwide Technique for Combatting Terrorist and Different Illicit Financing” technique on Thursday, outlining its priorities for taking over illicit financing. Treasury highlighted its ongoing work round crypto, together with sanctions towards sure exchanges and teams like Bitzlato and Lazarus, its settlement with Binance and its warnings about pig butchering scams. The annual doc lays out how Treasury is taking a look at illicit finance and what position crypto rules could play in tamping down on this concern.
Broadly, Thursday’s technique doc stated its 4 priorities are closing gaps in anti-money laundering rules, supporting “a more practical and risk-focused” framework, boosting legislation enforcement companies’ effectiveness and benefiting from know-how improvements.
Updating present supervisory frameworks for cryptocurrencies would assist these priorities, the technique doc stated.
This consists of potential updates to the U.S. regulatory framework (for anti-money laundering and countering terrorism financing) in addition to engaged on “world implementation of [Financial Action Task Force] requirements,” the doc stated.
“Efficiently making use of the present AML/CFT supervisory and enforcement framework to digital asset actions requires that the US allocate enough supervisory and enforcement sources and proceed to put money into know-how and coaching for analysts, investigators, and regulators to develop additional experience associated to new applied sciences, together with evaluation of public blockchain knowledge,” the doc stated.
In a press name, a Treasury official stated Deputy Treasury Secretary Wally Adeyemo and Below Secretary for Terrorism and Monetary Intelligence Brian Nelson have mentioned the division’s request for larger authority and oversight of sure crypto points with legislators.
“I can say we’ll preserve working with Congress to supply technical help [with those] proposals, and it stays a precedence for management on this constructing to get these authorities,” they stated.
In Thursday’s doc, Treasury stated it will proceed monitoring how digital asset funds – together with decentralized finance – are evolving, present technical help to Congress, proceed taking a look at its use of sanctions and search extra funding for the Monetary Crimes Enforcement Community and Workplace of Overseas Asset Management.
https://www.coindesk.com/coverage/2024/05/16/us-treasury-says-it-wants-to-better-money-laundering-regulations-around-crypto-other-illicit-finance/
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