US Treasury Official Calls on Combating Crypto Fraud
Sigal Mandelker, Under Secretary of the Treasury for Terrorism and Financial Intelligence and United States Deputy Secretary of the Treasury, urged crypto industry players and regulators to prevent the illicit use of cryptocurrencies in her speech on December 3, CoinDesk reports.
She called for other nations to develop or enforce anti-money laundering and combating the financing of terrorism (AML/CFT) regulations: «We have made this a priority in our international outreach, including through the Financial Action Task Force (FATF), for which the United States is currently serving as President.»
Mandelker also called on international regulators to strengthen anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) frameworks in regards to digital currencies. Additionally, the Mandelker stressed the importance of supervision and enforcement of AML and sanctions obligations.
The similar idea was announced by the managing Director of the International monetary Fund (IMF), Christine Lagarde. In her vision, new ideas, including a cryptocurrency that can be used by cybercriminals to direct financial flows to the illegal activities around the world: «It’s not a problem of one nation or one government. This can be solved only through international cooperation.»
Earlier ForkLog that the U.S. Department of the Treasury is officially adding crypto addresses to its individual sanctions list. On November 28 the department added two Iran residents to the list.