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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInTreasury Warns Crypto Industry of Money-Laundering Risks in ‘Mixers’ – WSJ
The cryptocurrency industry must follow the U.S. Treasury Department’s anti-money-laundering and sanctions regulations to prevent bad actors from abusing platforms known as “mixers” to launder illicit funds, a senior official said. Mixers, which enable users to exchange cryptocurrencies with relative anonymity, can be a way for illicit actors to obfuscate the ownership and movement of […]
Biden’s Executive Order Produces Few Answers in Crypto Reports From US Treasury
Crypto firms have been eagerly awaiting a series of U.S. government reports they hoped would clarify what the Biden administration and regulators intend to do about digital assets. Most of the documents are out now, but the picture remains murky. The reports from the Treasury Department – three of them released Friday – largely recommend […]
US Rep. Josh Gottheimer Proposes $3M Boost to Treasury’s Crypto Crime-Fighting Unit
U.S. Congressman Josh Gottheimer (D-N.J.) has proposed an amendment to the federal budget bill that would give the Treasury Department an additional $3 million to fight crypto-related crime in fiscal 2023. Gottheimer has proposed that the Treasury’s Office of Terrorism and Financial Intellience – the unit tasked with overseeing crypto crime and ransomware attacks – […]
Regulators anxious about stablecoins like tether after UST collapse
U.S. Treasury Secretary Janet Yellen directly addressed the issue of both UST and tether “breaking the buck” this week. In a congressional hearing, Yellen said such assets don’t currently pose a systemic risk to financial stability — but suggested they eventually could. “I wouldn’t characterize it at this scale as a real threat to financial […]
Corruption, Cybercrime Top List of U.S. Anti-Money-Laundering Concerns – WSJ
The U.S. Treasury Department on Wednesday issued a wide-ranging set of national anti-money-laundering priorities, naming corruption and cybercrime among the areas where financial institutions should focus their compliance resources. The list is the first created by the Treasury’s Financial Crimes Enforcement Network, or FinCEN, following a major overhaul of U.S. anti-money-laundering laws in January. Legislation […]