US Treasury to increase focus on combatting illicit financial activity via crypto, emerging tech
The US Treasury Department plans to focus on regulating cryptocurrencies and emerging technologies to combat illicit financing. The 2024 National Strategy for Combating Terrorist and Other Illicit Financing aims to close regulatory gaps, enhance enforcement, and strengthen international cooperation. It will implement comprehensive regulations for digital assets and virtual asset service providers, mandate anti-money laundering programs for investment advisers, and monitor emerging technologies like DeFi. The strategy also emphasizes international collaboration, responsible technological advancement, and ongoing modernization of the AML/CFT regime to address evolving threats effectively. The Treasury seeks additional resources and legislative support to supervise non-bank financial institutions and new market entrants, aiming to maintain a secure and transparent financial system.
