{"id":9117,"date":"2021-07-04T17:54:03","date_gmt":"2021-07-04T17:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/fincen-names-misuse-of-cryptocurrencies-a-national-priority\/"},"modified":"2021-07-04T17:54:03","modified_gmt":"2021-07-04T17:54:03","slug":"fincen-names-misuse-of-cryptocurrencies-a-national-priority","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/fincen-names-misuse-of-cryptocurrencies-a-national-priority\/","title":{"rendered":"FinCEN Names Misuse of Cryptocurrencies a National Priority"},"content":{"rendered":"<p><strong>The Financial Crimes Enforcement Network (FinCEN) has named \u201ccybercrime, including relevant cybersecurity and virtual currency considerations\u201d a national priority. In particular, the Treasury is concerned about the \u201cmisuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.\u201d<\/strong><\/p>\n<p>FinCEN, a bureau of the U.S. Department of the Treasury, <a href=\"https:\/\/www.fincen.gov\/sites\/default\/files\/shared\/AML_CFT%20Priorities%20(June%2030%2C%202021).pdf\">published<\/a> its \u201cAnti-Money Laundering and Countering the Financing of Terrorism National Priorities\u201d last week.<\/p>\n<p>One of the priorities listed is \u201ccybercrime, including relevant cybersecurity and virtual currency considerations.\u201d The document details:<\/p>\n<p>Treasury is particularly concerned about cyber-enabled financial crime, ransomware attacks, and the misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.<\/p>\n<p>The document adds that \u201cCountering ransomware has been identified as a top priority for the United States.\u201d Among the strategies developed to combat ransomware attacks is \u201cenabling rapid tracing and interdiction of virtual currency proceeds,\u201d the document notes.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>FinCEN wrote that convertible virtual currencies (CVCs) \u201chave grown as the currency of preference in a wide variety of online illicit activity.\u201d<\/p>\n<p>The bureau detailed: \u201cCriminals use a number of techniques to obscure the source of illicit funds when conducting transactions involving CVCs, including the use of mixers and tumblers.\u201d<\/p>\n<p>In June, President Joe Biden <a href=\"https:\/\/news.bitcoin.com\/biden-cryptocurrency-focus-anti-corruption-directive-national-security\/\">issued<\/a> a directive to federal agencies to prioritize efforts to confront global anti-corruption, and cryptocurrency was a focus. The Biden administration also <a href=\"https:\/\/news.bitcoin.com\/biden-administration-expanding-cryptocurrency-analysis-criminal-transactions\/\">unveiled<\/a> its strategy to combat ransomware that included expanding cryptocurrency analysis to find criminal transactions.<\/p>\n<p><em><strong>What do you think about FinCEN naming the misuse of cryptocurrency a national priority? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, AML, anti-money laundering, department of the treasury, fincen, Joe Biden, national priority, ransomware, Ransomware attacks, treasury department<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Crimes Enforcement Network (FinCEN) has named \u201ccybercrime, including relevant cybersecurity and virtual currency considerations\u201d a national priority. In particular, the Treasury is concerned about the \u201cmisuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.\u201d FinCEN, a bureau of the U.S. Department of the Treasury, published&hellip;<\/p>\n","protected":false},"author":0,"featured_media":9118,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9117"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9117"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9118"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}