US Treasury Officer Wants Cryptocurrency Regulation Globally

Discussion in 'About crypto currencies' started by andengireng, Feb 19, 2018.

  1. andengireng

    andengireng Member

    US Treasury Officer Wants Cryptocurrency Regulation Globally


    The US Treasury Deputy Secretary for the Office of Terrorism and Financial Intelligence has called on the international community to apply stronger cryptocurrency regulation. Sigal Mandelker said in a speech yesterday (14/2) that the regulation was used to help protect the national financial and security system.

    Mandelker provides an example of Venezuela introducing Petroleum cryptocurrency by telling the audience at the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conferencebahwa rogue, terrorist and other regimes have used cryptocurrency to exploit the financial system, hide bad profits and finance illicit activities.

    Mandelker continued his speech by saying that there are no consistent international rules regarding cryptocurrency service providers regarding anti-money laundering (AML) and combating terrorism financing (CFT).

    He told the conference: "The lack of AML / CFT regulations on virtual currency providers around the world greatly exacerbates the risk of illicit financing using virtual currency. Currently, we are the only major country in the world, along with Japan and Australia, which organize this activity for AML / CFT purposes. But we still need more countries to follow it, and make this a priority in our international outreach.

    The Mandelker further warned that a $ 110 million penalty that had been levied on BTC-e cryptocurrency exchanges last year for failing to register as a moneymaker as expected and the willingness of the Treasury to enforce regulations aggressively.

    "The company has no basic controls in an effort to prevent the use of its services for illegal purposes," said the deputy secretary.

    "The result," he continued, "is emerging as one of the major ways cyber criminals around the world are to launder the results of their illicit activities, facilitating crimes such as computer hacking and ransom, fraud, identity theft, tax refund schemes, public corruption and drug trafficking. "

    Mandleker has also encouraged regulators to take severe action against their efforts to prevent financial crimes and protect national security. He also stated that companies should do more to money laundering and terrorism financing in countries without loosely enacted rules or regulations.
     

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