Conservative Guard
  • Home
  • Breaking News
  • US
  • World News
  • China
  • Business
  • Politics
  • Crime
  • Finance
  • Entertainment
No Result
View All Result
  • Home
  • Breaking News
  • US
  • World News
  • China
  • Business
  • Politics
  • Crime
  • Finance
  • Entertainment
No Result
View All Result
theTotalStory | Conservative News & Opinion
No Result
View All Result
Home Finance

Treasury Says Crypto Being Used for Illicit Transfers

Conservative Guard by Conservative Guard
April 6, 2023
in Finance
0
Treasury Says Crypto Being Used For Illicit Transfers
7
VIEWS
Share on FacebookShare on Twitter

North Korea, cybercriminals, ransomware attackers, thieves and scammers are using decentralized finance (DeFi) services to transfer and launder their illicit proceeds, the U.S. Treasury Department warned Thursday.

So-called DeFi platforms allow users to lend, borrow and save, usually in cryptoassets and stablecoins, without using banks.

In a new illicit finance risk assessment on decentralized finance, the Treasury found that illicit actors are exploiting vulnerabilities in U.S. and foreign anti-money laundering and combating the financing of terrorism (AML/CFT) regulation and enforcement as well the technology underpinning the services.

DeFi services that fail to comply with these obligations to prevent money laundering and terrorism financing pose the most significant illicit finance risk in this domain, the assessment found.

“Our assessment finds that illicit actors, including criminals, scammers, and North Korean cyber actors are using DeFi services in the process of laundering illicit funds,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, said in the statement.

Nelson added that the private sector should use the findings of the assessment to inform their risk mitigation strategies and to take steps to prevent illicit actors from using decentralized finance services.

Other vulnerabilities found in the assessment included the potential for DeFi services to be out of scope for existing AML/CFT obligations, the lack of implementation of international AML/CFT standards and poor cybersecurity practices.

The assessment recommended strengthening U.S. AML/CFT supervision, considering additional guidance for the private sector on DeFi obligations and addressing any regulatory gaps related to the services.


© 2023 Thomson/Reuters. All rights reserved.

Related

Previous Post

John Travolta’s white three-piece suit from ‘Saturday Night Fever’ up at auction

Next Post

30-Year Mortgage Rates Dip 4th Week in a Row

Next Post
30-Year Mortgage Rates Dip 4Th Week In A Row

30-Year Mortgage Rates Dip 4th Week in a Row

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 11.3k Subscribers
  • Trending
  • Comments
  • Latest
Former Arizona State Student Appeals Conviction For Distributing Constitution Copies

Former Arizona State Student Appeals Conviction for Distributing Constitution Copies

January 27, 2023
Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

February 11, 2023
Ukraine Attacks Russia’S Hold On Southern City Of Kherson

Ukraine attacks Russia’s hold on southern city of Kherson

October 27, 2022
Women Balk At Chinese Government Plans To Raise Birth Rate

Uyghurs Challenge the World’s Selective Memories of Genocide on Holocaust Remembrance Day

January 27, 2023
Tensions Rise On Peninsula Over Fears North Korean Eyeing ‘Tactical’ Nukes With New Policy

Tensions rise on peninsula over fears North Korean eyeing ‘tactical’ nukes with new policy

0
Times Square May Get One Of The Few Spectacles It Lacks: A Casino

Times Square May Get One of the Few Spectacles It Lacks: A Casino

0
Border Containers 34754 C0 435 5219

Arizona refuses U.S. demand to remove shipping containers from border

0
How Finnair’s Huge Bet On Faster Flights To Asia Suddenly Came Undone

How Finnair’s Huge Bet on Faster Flights to Asia Suddenly Came Undone

0
Arnold Schwarzenegger Rejects Heaven As ‘Some Fantasy’: ‘You’Re Six Feet Under’

Arnold Schwarzenegger rejects heaven as ‘some fantasy’: ‘You’re six feet under’

June 6, 2023
Oakland Athletics Move To Las Vegas In Flux As Nevada Legislature Adjourns

Oakland Athletics move to Las Vegas in flux as Nevada Legislature adjourns

June 6, 2023
U.s. Weighs In On Roger Waters Debate, Says Pink Floyd Founder Has History Of Antisemitism

U.S. weighs in on Roger Waters debate, says Pink Floyd founder has history of antisemitism

June 6, 2023
Colts Player Isaiah Rodgers Sr. Apologizes Amid Nfl Probe Into Gambling Violations

Colts player Isaiah Rodgers Sr. apologizes amid NFL probe into gambling violations

June 6, 2023

Recent News

Arnold Schwarzenegger Rejects Heaven As ‘Some Fantasy’: ‘You’Re Six Feet Under’

Arnold Schwarzenegger rejects heaven as ‘some fantasy’: ‘You’re six feet under’

June 6, 2023
Oakland Athletics Move To Las Vegas In Flux As Nevada Legislature Adjourns

Oakland Athletics move to Las Vegas in flux as Nevada Legislature adjourns

June 6, 2023
U.s. Weighs In On Roger Waters Debate, Says Pink Floyd Founder Has History Of Antisemitism

U.S. weighs in on Roger Waters debate, says Pink Floyd founder has history of antisemitism

June 6, 2023
Colts Player Isaiah Rodgers Sr. Apologizes Amid Nfl Probe Into Gambling Violations

Colts player Isaiah Rodgers Sr. apologizes amid NFL probe into gambling violations

June 6, 2023

TrendingNews

What To Know As Prince Harry Prepares For Court Fight With British Tabloid Publisher

What to know as Prince Harry prepares for court fight with British tabloid publisher

by Conservative Guard
June 4, 2023
0

Labor Leaders Sign Joint Pledge Of Solidarity With Directors’ Union

Labor leaders sign joint pledge of solidarity with directors’ union

by Conservative Guard
June 1, 2023
0

New updates

Arnold Schwarzenegger Rejects Heaven As ‘Some Fantasy’: ‘You’Re Six Feet Under’

Arnold Schwarzenegger rejects heaven as ‘some fantasy’: ‘You’re six feet under’

by Conservative Guard
June 6, 2023
0

Oakland Athletics Move To Las Vegas In Flux As Nevada Legislature Adjourns

Oakland Athletics move to Las Vegas in flux as Nevada Legislature adjourns

by Conservative Guard
June 6, 2023
0

Browse by Category

  • Breaking News
  • Business
  • China
  • Crime
  • Entertainment
  • Finance
  • Politics
  • US
  • World News

© 2022 www.conservativeguard.com

No Result
View All Result
  • Conservative Guard

© 2022 www.conservativeguard.com

Go to mobile version