The US Deputy Secretary of the Treasury said that cryptocurrencies do not make up a large portion of funding for terrorist organizations.
Wally Adeyemo speaking at a Royal United Services Institute event in London. To tell Terrorist financing is evolving, and the advent of cryptocurrencies provides criminals with new routes to move funds.
“With the advent of the modern Internet, many of these organizations began fundraising using products like Venmo and Paypal. It is still evolving and the next source is cryptocurrencies.”
Adeyemo said that while cryptocurrencies are not yet a significant source of funding for terrorist groups, the digital asset industry will work with authorities to prevent malicious actors from using this asset class as a source of funding for illegal activities. said it was necessary.
“What we know about terrorist groups and those who seek to move illegal funds is that they are using all new technologies to do so.
I would say that currently, the majority of these groups’ funding methods are not through the use of cryptocurrencies. But what we’re trying to do is take action now to ensure that’s not how they’re funded in the future. ”
Adeyamo said Section 311 of the USA Patriot Act is one way to prevent terrorist groups from using virtual currencies to raise funds.
“311 is about blenders, which is a very fancy way of talking about devices that allow people to disguise where their money is coming from and where it’s going. We believe that terrorists and other people We’re going to take action to see these things being used to help hide money and we’re going to go after them.”
Earlier this month, the Financial Crimes Enforcement Network (FinCEN) proposed that: Financial institutions and government agencies must implement record-keeping and reporting requirements for transactions that go through cryptocurrency mixing services.
Adeyemo’s statement comes in the wake of rumors that the militant group Hamas has raised millions of dollars in cryptocurrency fundraising campaigns. However, blockchain analysis firm Elliptic says there is no data to support claims that cryptocurrencies are a significant source of funding for Hamas or other terrorist organizations.
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