US Deputy Treasury Secretary Implies Some Crypto Firms Refuse to Stop Illegal Fund Movements
The US government is increasing its efforts to combat cryptocurrency criminal funding, especially in response to terrorist attacks in Israel.
The world’s largest economy has expressed concerns that some crypto firms are not doing enough to prevent illegal funds flowing to bad actors.
Speaking at the ongoing Royal United Services Institute in London, US Deputy Treasury Secretary Wally Adeyemo stated that the US’s war on terrorism has evolved due to new tactics employed by groups like Hamas and the Kremlin to bypass financial sanctions.
Remarks by Treasury DepSec Adeyemo at RUSI in London on targeting #Hamas & Russian illicit finance, work of TFTC, & focus on working with Europeans so Hamas has nowhere to hide https://t.co/h35GNdywvj
— Matthew Levitt (@Levitt_Matt) October 27, 2023
To stop the flow of illegal funds, the US Treasury Department is collaborating with financial institutions and virtual currency platforms to establish effective measures that prevent terrorists from accessing funds.
Despite these efforts, challenges remain. The Deputy Treasury Secretary pointed out that a few digital asset firms are seeking to enable decentralized access to funds without adequately considering the consequences, especially when it involves illicit resources.
To these deterrents, the Deputy Secretary stated that the US and her allies are ready to take necessary actions to clamp down on such operations.
Stating the US government’s expected line of action as the crackdown on terrorist financing picks up pace, Adeyemo told the body of gathered statesmen that financial sanctions on bad actors will expectedly increase.
To achieve this, the US will target emerging shell companies, intermediaries, and facilitators who serve as channels for the
Read more on cryptonews.com
