The U.S. Department of the Treasury is in search of public enter on “digital-asset-related illicit finance and national security risks.” The division 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 printed a discover Tuesday inviting “interested members of the public to provide input pursuant to The Executive Order of March 9, 2022, ‘Ensuring Responsible Development of Digital Assets.’” The discover provides:
The division invitations feedback on the digital-asset-related illicit finance and nationwide safety dangers in addition to the publicly launched motion plan to mitigate the dangers.
“Treasury welcomes input on any matter that commenters believe is relevant to Treasury’s ongoing efforts to assess the illicit finance risks associated with digital assets as well as the ongoing efforts to mitigate the risks,” the discover provides. Comments have to be obtained on or earlier than Nov. 3.
“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,” the Treasury detailed. “These illicit activities highlight the need for ongoing scrutiny of the use of digital assets, the extent to which technological innovation may impact such activities, and exploration of opportunities to mitigate these risks through regulation, supervision, public-private engagement, oversight, and law enforcement.”
The Treasury requested solutions to a listing of questions regarding illicit finance dangers referring to digital belongings, non-fungible tokens (NFTs), decentralized finance (defi), and peer-to-peer applied sciences.
The questions focus on illicit finance dangers; anti-money laundering and countering the financing of terrorism (AML/CFT) regulation and supervision; world implementation of AML/CFT requirements; non-public sector engagement and AML/CFT options; and central financial institution digital currencies (CBDCs).
One of the questions asks how the Treasury can “most effectively support consistent implementation of global AML/CFT standards across jurisdictions for digital assets.” In addition, the Treasury requested whether or not there are particular international locations or jurisdictions the place the U.S. authorities ought to focus its efforts “to strengthen foreign AML/CFT regimes related to virtual asset service providers.” The full record of questions could be discovered right here.
What do you consider the U.S. Treasury in search of feedback on crypto-related illicit finance? Let us know within the feedback part under.
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