The US Treasury Department is seeking public opinion on “illegal financing related to digital assets and national security risks.” The ministry warned: “The increasing use of digital assets in financial activities increases the risk of crimes such as money laundering, terrorist financing and dissemination, fraud schemes and theft, and corruption”.
US Treasury Wants Public Comment on Crypto-related Illegal Finance
The United States Department of the Treasury has published a notice Tuesday invited “interested members of the public to provide input under Executive Order of March 9, 2022, ‘Assure Responsible Development of Digital Assets.’” the announcement added. :
The ministry invites comments on illegal financing related to digital assets and national security risks as well as a publicly available action plan to mitigate the risks.
“The Treasury welcomes input on any matter that commentators believe is relevant to the Treasury’s ongoing efforts to assess the illicit financial risk associated with assets. digital as well as ongoing efforts to reduce risk,” the announcement added. Comments must be received on or before November 3.
The Ministry of Finance detailed: “The increasing use of digital assets in financial activities increases the risk of crimes such as money laundering, terrorist financing and dissemination, fraud schemes and theft. , and corruption”. “These illegal activities underscore the need to continuously monitor the use of digital assets, the extent to which technological innovation can impact such activities, and explore opportunities to reduce mitigating these risks through regulation, oversight, public-private engagement, oversight and enforcement.”
The Treasury has requested answers to a list of questions regarding illicit financial risks associated with digital assets, non-fungible tokens (NFTs), decentralized finance ( defi) and peer-to-peer technology.
Questions focused on illicit financial risk; anti-money laundering and counter-terrorism financing (AML/CFT) regulation and supervision; global implementation of AML/CFT standards; private sector involvement and AML/CFT solutions; and central bank digital currency (CBDC).
One of the questions is how the Treasury can “most effectively support the consistent implementation of global AML/CFT standards across jurisdictions for digital assets.” Additionally, the Treasury Department asked if there are specific countries or jurisdictions where the U.S. government should focus its efforts on “strengthening foreign AML/CFT regimes involving service providers.” virtual assets”. The full list of questions can be found here.
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