FinCEN: Crime Involving Crypto Is A Priority AML



Financial Crimes Enforcement Network (FinCEN) has rolled out its top priorities to fight money laundering and terrorist financing, press release says Press release.

The announcement comes after FinCEN consulted with other officials from the Treasury Department, federal and state regulators, law enforcement and national security agencies on anti-money laundering (AML) and the fight against the financing of terrorism (CFT), according to the press release.

The priorities reflect many of the most significant threats to the United States today, which the press release listed as “corruption, cybercrime, domestic and international terrorist financing, fraud, transnational criminal organizations, organizations drug trafficking, human trafficking and human trafficking, and proliferation funding.

“The Treasury is particularly concerned about cyber financial crime, ransomware attacks and the misuse of virtual assets which exploit and undermine their potential for innovation, in particular through the laundering of illicit proceeds,” he added. he adds. priorities document declared.

FinCEN Acting Director Michael Mosier said in the statement: “Today’s release of government-wide AML / CFT priorities is an important step in FinCEN’s efforts to improve efficiency. and the effectiveness of the national AML / CFT regime and to foster greater public-private partnerships. The priorities reflect the U.S. government’s perspective on the threat landscape, highlighting long-standing threats such as corruption, fraud, and international terrorism, as well as acute and rapidly evolving threats, such as terrorism. national, ransomware and other cybercrime.

In October, FinCEN recorded more than $ 5 billion in bitcoin transactions related to ransomware payments. As of June, 635 reports and 458 ransomware transactions were reported, which is more than the total number of incidents reported the previous year.

Read more: FinCEN Records $ 5.2 Billion in Paid Bitcoin Ransomware Transactions in First Half of 21

Most of the payments were made via bitcoin, the statement said. But there has been a slight increase in payments in monero, which is a cryptocurrency focused on privacy. Most of the funds were collected from entities via chain hopping, which involves changing one cryptocurrency into another in order to avoid detection of the law.



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