US Treasury has virtual currencies in its sight

The US Department of Treasury is intensifying its efforts against "evolving threats," including the potential for virtual currencies to be used for money laundering and to finance other criminal activities.

Testifying before the US Senate Banking, Housing and Urban Affairs Committee, Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker, said last week that criminals seek out vulnerabilities in the global financial system, including by using emerging technologies such as virtual currencies "to launder their ill-gotten gains and advance their malicious enterprises".

Since criminals cannot operate without funding, putting in place a strong AML/CFT regime is key in order to identify and disrupt illicit activities, she added.

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