{"id":3609,"date":"2023-10-20T09:35:46","date_gmt":"2023-10-20T09:35:46","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/u-s-treasury-targets-crypto-mixers-in-anti-money-laundering-move\/"},"modified":"2023-10-20T09:35:47","modified_gmt":"2023-10-20T09:35:47","slug":"u-s-treasury-targets-crypto-mixers-in-anti-money-laundering-move","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3609","title":{"rendered":"U.S. Treasury Targets Crypto Mixers in Anti-Money Laundering Move"},"content":{"rendered":"
\n

The Biden administration has designated crypto “mixers” as primary money-laundering hubs.<\/p>\n

In a Thursday notice, United States Treasury Department\u2019s Financial Crimes Enforcement Network<\/strong>\u00a0(FinCEN<\/strong>)\u00a0proposed requiring\u00a0domestic financial institutions and agencies to “implement certain recordkeeping and reporting requirements” for transactions involving crypto mixers.<\/p>\n

The comission said it had assessed that “the percentage of CVC [convertible virtual currencies] transactions processed by CVC mixers that originated from likely illicit sources is increasing.”\u00a0<\/p>\n

The U.S. Treasury Department’s proposal, which employs laws typically used against foreign banks and jurisdictions, is part of a broader effort to shape the future of the crypto ecosystem.<\/p>\n

The proposal follows mounting pressure from Capitol Hill regarding the role of cryptocurrencies in financing militant groups, particularly in the wake of the October 7 Hamas attack on Israel.\u00a0<\/p>\n

“Today\u2019s action underscores Treasury\u2019s commitment to combating the exploitation of convertible virtual currency mixing by a broad range of illicit actors, including state-affiliated cyber actors, cybercriminals, and terrorist groups,” said Wally Adeyemo, deputy Treasury secretary.\u00a0<\/p>\n

The proposed regulation will undergo a 90-day public comment period before potential adoption.\u00a0<\/p>\n

The proposal allows targeted entities to take remedial action, potentially leading to their release from the sanctions.\u00a0<\/p>\n

The Treasury Department noted that some targets in the past have reformed their practices and implemented significant measures to mitigate money-laundering risks, leading to a decision not to pursue a final rule implementing special measures.<\/p>\n

Mixers are cryptocurrency platforms that facilitate relatively anonymous exchanges.\u00a0<\/p>\n

These platforms have faced increased regulatory scrutiny in recent months, with U.S. regulators imposing sanctions and charging their founders.\u00a0<\/p>\n

Financial Institutions Will be Required to Collect Info Related to Mixers<\/h2>\n

The proposed rules would require U.S. financial institutions and agencies to identify, collect, and report specific information related to international mixer transactions, including personal and transactional details.\u00a0<\/p>\n

The official classification of mixers as primary money-laundering concerns could potentially grant the Treasury broad sanction authority, including the ability to cut off targets from U.S. markets.<\/p>\n

The Treasury is proposing to leverage rarely-used powers established after the September 11, 2001 terrorist attacks, often referred to as “death-knell sanctions.”\u00a0<\/p>\n

These powers enable the closure of foreign banks and other financial institutions deemed national security threats.<\/p>\n

Although mixers represent only a fraction of the cryptocurrency market, the proposed regulation sends a warning to other crypto platforms.\u00a0<\/p>\n

Treasury officials justified their action by emphasizing the acute money laundering and national security risks associated with international convertible virtual currency mixing activities.\u00a0<\/p>\n

Increasing transparency in this domain is crucial to denying illicit actors access to the U.S. and global financial systems, according to the Treasury.<\/p>\n

Experts suggest that FinCEN’s proposal could have a chilling effect on certain crypto activities by further linking them to terrorist financing and money laundering.\u00a0<\/p>\n

However, it is not surprising given recent\u00a0actions taken by U.S. authorities against mixers.\u00a0<\/p>\n

In recent years, the U.S. Treasury and Justice Departments have prioritized targeting crypto platforms that provide anonymity services or possess weak compliance systems, enabling bad actors to finance their operations.\u00a0<\/p>\n

Several crypto platforms have faced sanctions and charges for facilitating money laundering.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Biden administration has designated crypto “mixers” as primary money-laundering hubs. 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