The Biden-Harris administration has unveiled its strategy on
“countering corruption.” It includes utilizing the government’s newly
established task force, the National Cryptocurrency Enforcement Team, to
focus on “complex investigations and prosecutions of criminal misuses
of cryptocurrency.”
US Crypto Enforcement Strategy for ‘Countering Corruption’
The White House announced Monday, “In line with the president’s
direction, the Biden-Harris administration is releasing the first-ever
‘United States Strategy on Countering Corruption.'” The 38-page report
outlines the U.S. government’s strategy to fight corruption globally.
One of the key strategies is to “enhance enforcement efforts,” which
includes a section on “cryptocurrency and corruption.” The report
states:
DOJ will utilize a newly established task force, the
National Cryptocurrency Enforcement Team, to focus specifically on
complex investigations and prosecutions of criminal misuses of
cryptocurrency.
The report adds that the work will focus particularly on “crimes
committed by virtual currency exchanges, mixing and tumbling services,
and money laundering infrastructure actors.”
The Department of Justice (DOJ) launched
the National Cryptocurrency Enforcement Team (NCET) in October. U.S.
Deputy Attorney General Lisa Monaco said at the time that “The team will
also assist in tracing and recovery of assets lost to fraud and
extortion, including cryptocurrency payments to ransomware groups.”
In June, the Biden administration unveiled its strategy to combat cryptocurrency ransomware. It includes “Expanding cryptocurrency analysis to find and pursue criminal transactions.”
In November, Monaco and officials from the National Security Division
and Criminal Division met with U.K. Home Secretary Priti Patel. They “agreed
to heighten the focus on illicit use of cryptocurrency and ransomware,
as well as to continue the dialogue about emerging threats to national
security.”
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