The ongoing Consensus conference in new York, Deputy Treasury Seagal Mandelker, which oversees the issues of terrorism and financial intelligence, called crypto currency exchange to comply with the rules relating to the suppression of the financing of terrorism and money laundering.
Speaking to the audience, Mandelker described the efforts of the U.S. Treasury Department to combat money laundering, and also pointed to the fact that the sectoral actors should also contribute to the national security of the United States.
According to her, in 2013, the Ministry recorded more than 47 000 reports on suspicious activities related to bitcoin and other digital currencies. Half of these messages were received from crypto-currency exchanges and administrators, and such cooperation also serves the national security, she said.
Mandelker also called for vigilance in connection with the fact that Hamas is a terrorist organization a few months ago started accepting donations in bitcoin. According to her, such a step implies that the potential of cryptocurrency attracts bad players, creating more threats to the country.
“The features that users like and business, such as transmission speed, quick transactions, global coverage, and increased anonymity, also creates new opportunities for modes that do not recognize the universally recognized norms and terrorists,” she added.
According to her, some countries, such as Russia, Venezuela and Iran use the cryptocurrency as a means of circumventing us sanctions. Overall, she stressed the need to ensure solid compliance with the laws on combating money-laundering (AML).
“Compliance with standards for combating money laundering around the world is vital to create a level playing field, and so the bad players would gravitate towards jurisdictions poorly protected,” said Mandelker.
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