The U.S. Division of the Treasury is looking for public enter on “digital-asset-related illicit finance and nationwide safety dangers.” The division warned: “The rising use of digital property in monetary exercise heightens dangers of crimes akin to cash laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption.”
US Treasury Desires Public Feedback on Crypto-Associated Illicit Finance
The U.S. Division of the Treasury revealed a discover Tuesday inviting “ members of the general public to supply enter pursuant to The Govt Order of March 9, 2022, ‘Guaranteeing Accountable Growth of Digital Belongings.’” 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 enter on any matter that commenters imagine is related to Treasury’s ongoing efforts to evaluate the illicit finance dangers related to digital property in addition to the continued efforts to mitigate the dangers,” the discover provides. Feedback should be obtained on or earlier than Nov. 3.
“The rising use of digital property in monetary exercise heightens dangers of crimes akin to cash laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption,” the Treasury detailed. “These illicit actions spotlight the necessity for ongoing scrutiny of the usage of digital property, the extent to which technological innovation could influence such actions, and exploration of alternatives to mitigate these dangers by means of regulation, supervision, public-private engagement, oversight, and legislation enforcement.”
The Treasury requested solutions to a listing of questions regarding illicit finance dangers regarding digital property, non-fungible tokens (NFTs), decentralized finance (defi), and peer-to-peer applied sciences.
The questions concentrate 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 many questions asks how the Treasury can “most successfully help constant implementation of worldwide AML/CFT requirements throughout jurisdictions for digital property.” As well as, 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 international AML/CFT regimes associated to digital asset service suppliers.” The complete checklist of questions may be discovered right here.
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