US Treasury Urges Congressional Action to Combat Terrorist Financing in Crypto Sector

Tuesday, 9 April 2024, 14:32

US Treasury Deputy Secretary highlights the need for stricter regulatory controls to prevent terrorist groups from using cryptocurrencies for illicit finance. Recent testimonies reveal attempts by terrorist groups like al-Qaeda to utilize crypto assets for money laundering. Adequate enforcement measures and proposed reforms are seen as essential to counter terrorist financing and illicit activities in the digital asset ecosystem.
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US Treasury Urges Congressional Action to Combat Terrorist Financing in Crypto Sector

US Treasury Deputy Secretary Addressing Crypto-Linked Terrorist Financing

In a recent testimony, Adewale O. Adeyemo urges the US Congress to equip the government with necessary tools to tackle illicit finance and terrorism related to cryptocurrencies. He emphasizes the misuse of crypto assets by terrorist groups like al-Qaeda and IRGC-QF for money laundering and financing activities. Proposed reforms include introducing secondary sanctions for foreign crypto providers enabling illicit finance and addressing jurisdictional risks in offshore crypto platforms.

Crypto Regulations in the EU and US

New EU regulations ban crypto payments to hosted wallets with unidentified self-custody wallets, aiming to enhance anti-money laundering measures in the region. Independent presidential candidate Robert F. Kennedy Jr. accuses Congress members of being influenced by big global banking monopolies to restrict Bitcoin. The IRS has sought private-sector experts to manage enforcement challenges in the evolving crypto sector.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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