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Illicit Finance

All articles tagged with #illicit finance

international-relations1 year ago

"Yellen's Diplomatic Mission: Navigating US-China Economic Relations"

U.S. Treasury Secretary Janet Yellen is set to meet with various Chinese officials during her four-day visit to China, where discussions will focus on unfair trade practices, global economic consequences of Chinese industrial overcapacity, and countering illicit finance. Yellen's itinerary includes meetings with Vice Premier He Lifeng, Premier Li Qiang, and former Vice Premier Liu He, with a focus on expanding bilateral cooperation on countering illicit finance, addressing climate change, and resolving debt distress in developing nations.

via CNBC|
#china#economic-cooperation#illicit-finance
finance1 year ago

"Treasury's New Rules Combat Money Laundering in Investment Adviser and Real Estate Sectors"

The U.S. Department of the Treasury's FinCEN has proposed a rule to combat illicit finance and national security threats in the investment adviser sector by requiring certain advisers to adhere to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. This rule aims to add transparency to the financial system, assist law enforcement in identifying illicit proceeds, and level the regulatory playing field to protect the U.S. economic and national security. The proposed rule would classify investment advisers as "financial institutions" under the Bank Secrecy Act, requiring them to implement AML/CFT programs, file suspicious activity reports, and fulfill recordkeeping requirements. FinCEN is seeking public comments on the proposed rule until April 15, 2024.

via FinCEN|
#amlcft#finance#fincen
cryptocurrency-regulation2 years ago

"U.S. Treasury Pushes for Enhanced Authority in Pursuit of Crypto Abroad"

The U.S. Department of the Treasury is seeking expanded powers to combat illicit finance in the crypto sector, including jurisdiction over non-U.S. stablecoin issuers like Tether. The proposed powers would allow the Treasury to enforce sanctions beyond American borders and target transactions unrelated to U.S. citizens. The department is requesting a new secondary sanctions tool against exchanges supporting terrorism and wants to strengthen its authority under the Bank Secrecy Act to target cryptocurrency entities facilitating terrorist funding. The proposal also suggests granting the Treasury extraterritorial jurisdiction over stablecoin transactions involving the U.S. dollar. Critics argue that the proposal represents a significant expansion of powers and could have unintended consequences.

via CoinDesk|
#crypto-regulations#cryptocurrency-regulation#illicit-finance