A new bipartisan bill aimed at updating the mandate of the Financial Crimes Enforcement Network (FinCEN) to ensure focus on emerging methods of terrorism and illicit finance, including cryptocurrencies, has been introduced in the House of Representatives.
The FinCEN Improvement Act (H.R. 6411), jointly introduced by Reps Ed Perlmutter (D-CO) and Steve Pearce (R-NM), directs FinCEN to look into how cryptocurrencies might be used in terrorism or other illegal activities, in addition to working with tribal law enforcement agencies and other terror financing schemes.
"Although the use and trading of virtual currencies are legal practices, some terrorists and criminals, including international criminal organizations, seek to exploit vulnerabilities in the global financial system and are increasingly using emerging payment methods such as virtual currencies to move illicit funds," the Act says.
Perlmutter and Pearce lead the House Subcommittee on Terrorism and Illicit Finance, with Rep. Pearce serving as the subcommittee's Chairman and Perlmutter as its Ranking Member.
The Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Department of the Treasury. Its mission is to protect the American financial system from money laundering and other illicit uses through the collection, analysis, and dissemination of financial intelligence.
US money transmitters working with cryptocurrencies, and Cryptocurrency exchanges that handle tokens sold during initial coin offerings (ICOs) are required to register with FinCEN.
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