US Treasury Seeks Public Comments on Crypto-Related Illicit Finance and National Security Risks

The U.S. Department of the Treasury is seeking nationalist input connected “digital-asset-related illicit concern and nationalist information risks.” The section warned: “The increasing usage of integer assets successful fiscal enactment heightens risks of crimes specified arsenic wealth laundering, violent and proliferation financing, fraud and theft schemes, and corruption.”

US Treasury Wants Public Comments connected Crypto-Related Illicit Finance

The U.S. Department of the Treasury published a notice Tuesday inviting “interested members of the nationalist to supply input pursuant to The Executive Order of March 9, 2022, ‘Ensuring Responsible Development of Digital Assets.'” The announcement adds:

The section invites comments connected the digital-asset-related illicit concern and nationalist information risks arsenic good arsenic the publically released enactment program to mitigate the risks.

“Treasury welcomes input connected immoderate substance that commenters judge is applicable to Treasury’s ongoing efforts to measure the illicit concern risks associated with integer assets arsenic good arsenic the ongoing efforts to mitigate the risks,” the announcement adds. Comments indispensable beryllium received connected oregon earlier Nov. 3.

“The increasing usage of integer assets successful fiscal enactment heightens risks of crimes specified arsenic wealth laundering, violent and proliferation financing, fraud and theft schemes, and corruption,” the Treasury detailed. “These illicit activities item the request for ongoing scrutiny of the usage of integer assets, the grade to which technological innovation whitethorn interaction specified activities, and exploration of opportunities to mitigate these risks done regulation, supervision, public-private engagement, oversight, and instrumentality enforcement.”

The Treasury requested answers to a database of questions concerning illicit concern risks relating to integer assets, non-fungible tokens (NFTs), decentralized concern (defi), and peer-to-peer technologies.

The questions absorption connected illicit concern risks; anti-money laundering and countering the financing of coercion (AML/CFT) regularisation and supervision; planetary implementation of AML/CFT standards; backstage assemblage engagement and AML/CFT solutions; and cardinal slope integer currencies (CBDCs).

One of the questions asks however the Treasury tin “most efficaciously enactment accordant implementation of planetary AML/CFT standards crossed jurisdictions for integer assets.” In addition, the Treasury asked whether determination are circumstantial countries oregon jurisdictions wherever the U.S. authorities should absorption its efforts “to fortify overseas AML/CFT regimes related to virtual plus work providers.” The afloat database of questions tin beryllium recovered here.

What bash you deliberation astir the U.S. Treasury seeking comments connected crypto-related illicit finance? Let america cognize successful the comments conception below.