The U.S. Division of the Treasury is searching 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 resembling 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 printed a discover Tuesday inviting “ members of the general public to offer enter pursuant to The Government Order of March 9, 2022, ‘Guaranteeing Accountable Improvement 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 consider is related to Treasury’s ongoing efforts to evaluate the illicit finance dangers related to digital property in addition to the continuing efforts to mitigate the dangers,” the discover provides. Feedback have to be acquired on or earlier than Nov. 3.
“The rising use of digital property in monetary exercise heightens dangers of crimes resembling 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 using digital property, the extent to which technological innovation might influence such actions, and exploration of alternatives to mitigate these dangers by way of regulation, supervision, public-private engagement, oversight, and regulation enforcement.”
The Treasury requested solutions to an inventory of questions regarding illicit finance dangers referring to digital property, non-fungible tokens (NFTs), decentralized finance (defi), and peer-to-peer applied sciences.
The questions deal with illicit finance dangers; anti-money laundering and countering the financing of terrorism (AML/CFT) regulation and supervision; international 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 total record of questions might be discovered right here.
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