• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Saturday, March 25, 2023
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

Financial criminals continue to prefer fiat over crypto: US Treasury report

News
by Gauri Bhatia
21 March 2022
Financial criminals continue to prefer fiat over crypto: US Treasury report

Source: Unsplash

Share on FacebookShare on Twitter

The US Department of Treasury revealed in a recent report that Fiat currencies are still the most preferred medium to orchestrate financial crimes, way above the popularity of cryptocurrencies.

The three-yearly report, titled ‘National Money Laundering Risk Assessment’, discussed extensively the role of cryptocurrencies in money laundering, terrorist financing, and proliferation financing.

The US Treasury remarked that there has been an increase in the number of users and market capitalization of virtual assets since the previous risk assessment report released in 2018. It noted that although virtual assets remain an unconventional channel for conducting illicit financial transactions, there are emerging cases of cryptocurrencies exploited for drug trafficking, fraud, ransomware attacks, and evading sanctions.

The report read:

“U.S. law enforcement agencies have detected an increase in the use of virtual assets to pay for online drugs215 or to launder the proceeds of drug trafficking, fraud, and cybercrime, including ransomware attacks (see previous sections on threats), as well as other criminal activity, including sanctions evasion.”

Moreover, the report also highlighted the risks of Virtual Asset Service Providers (VASPs) that are not under the regulatory jurisdiction of the United States. It pointed out that fraudulent actors may use the services of VASPs of countries and regions which don’t have sufficient AML programs to counteract money laundering and illicit financing.

“Uneven and often inadequate regulation and supervision internationally allow VASPs and illicit cyber actors to engage in regulatory arbitrage and expose the U.S. financial system to risk from jurisdictions where regulatory standards and enforcement are less robust,” the Treasury noted.

The Treasury Department also mentioned the use of cryptocurrencies for evading sanctions, an activity that it has several times associated with Russia. On March 12, the department’s FinCEN released measures to prevent Russia from evading sanctions amid the ongoing Ukraine-Russia war.

While the guidelines acknowledged that there has been little evidence that Russia will use cryptocurrencies, it nevertheless warned banks and other financial firms to ramp up their oversight on transactions related to ‘convertible virtual currencies.’

Previous Post

Ethereum co-founder introduces new sharding solution ‘EIP- 4844’

Next Post

The international summit MetaVentures Phuket will be held in Thailand between 7-9 May 2022

Gauri Bhatia

Gauri Bhatia

Gauri is a full-time Content Writer at Our Bitcoin News. With a degree in Economics, she covers major news and concerns surrounding crypto-space.

Related Posts

US Nasdaq provides price data for stock tokens

Nasdaq to launch cryptocurrency custody service soon

by Kurt Ebenzer
25 March 2023

Cryptocurrency custody service aiming to start in 2Q Nasdaq, a major U.S. stock exchange, will launch “Nasdaq Digital Assets,” a...

US OpenAI Announces Subscription Plan for Conversational AI Language Model “ChatGPT”

US OpenAI to start supporting ChatGPT plugin Internet access possible

by Kurt Ebenzer
25 March 2023

ChatGPT plugin OpenAI of the United States announced on the 23rd that it has started a test process for implementing...

El Salvador to establish veterinary hospital with Bitcoin trust profit

El Salvador president to introduce tax exemption for innovation

by Kurt Ebenzer
25 March 2023

Tax exemption bill for technological innovation El Salvador's President Najib Bukele said on Wednesday that he plans to introduce a...

No Result
View All Result

Recent Posts

  • Nasdaq to launch cryptocurrency custody service soon
  • US OpenAI to start supporting ChatGPT plugin Internet access possible
  • El Salvador president to introduce tax exemption for innovation
  • Terra co-founder arrested in Montenegro / BTC and ETH volatility indicators are in an unusual state for the first time in about two years[3/18-3/24 top news]| coindesk JAPAN | Coindesk Japan
  • Deutsche Bank stock plunge US stock market rises, Bitcoin falls due to Binance system failure | 25th Financial Tankan
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News