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 belongings in monetary exercise heightens dangers of crimes equivalent to cash laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption.”
US Treasury Needs 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 Govt Order of March 9, 2022, ‘Making certain 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 belongings in addition to the continuing efforts to mitigate the dangers,” the discover provides. Feedback should be obtained on or earlier than Nov. 3.
“The rising use of digital belongings in monetary exercise heightens dangers of crimes equivalent 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 belongings, the extent to which technological innovation might 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 an inventory of questions regarding illicit finance dangers regarding digital belongings, 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; personal 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 world AML/CFT requirements throughout jurisdictions for digital belongings.” As well as, the Treasury requested whether or not there are particular nations or jurisdictions the place the U.S. authorities ought to focus its efforts “to strengthen overseas AML/CFT regimes associated to digital asset service suppliers.” The complete listing of questions may be discovered right here.
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