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AT CONSENSUS 2022,ATTENDEES PROMISED THE MEASURES FOR INNOVATIONS THAT HELP FIGHT FINANCIAL CRIME

AT CONSENSUS 2022,ATTENDEES PROMISED THE MEASURES FOR INNOVATIONS THAT HELP FIGHT FINANCIAL CRIME

Wally Adeyemo, deputy secretary general of the Treasury, said keeping crypto anonymously outside the regulatory environment allowed people to pass sanctions and checks against money laundering (AML) checks.


"We are working to address the unique risks associated with unclaimed bags," Adeyemo said during an interview on Friday, warning that current plans allow for indirect transactions with criminals or punished individuals.



"Missed bags are just addresses in the blockchain," he added. "It would be difficult to determine who is really in charge and in control, which creates opportunities for abuse of this growing anonymity."


Enforcement of "know-your-customer" (KYC) ID checks to private fund owners was first proposed by then Treasury Secretary Steven Mnuchin back in 2020, but the proposal was repeatedly postponed under Biden administration - while the process continued. The European Union has raised hackles in the industry by introducing new crimes and privacy.


"I understand and respect the need and desire for privacy, but we need to make sure that we are in a place where we do not create ways in which those who want to illegally transfer money can use digital assets more than traditional assets," Adeyemo said.


The idea that crypto payments could avoid the sanctions imposed on Russia for its invasion of Ukraine has only increased the figures, but officials promise to work with the sector, not against it.


"The only way we can stop illegal actors from working ... [is] to co-operate with new investors and founders," said Adeyemo, promising to ensure that "responsible actors in the area do not cooperate with the government, rather than work against us, or feel that our laws do not give you." an opportunity to innovate in a way that helps us solve these problems. ”


He gave a few clues as to how that might work, saying, "I will not go ahead with our policy-making process," but promised that there would be enough conditions to work with the ever-changing industry.


"We did not see crypto as a major way to escape" Russian sanctions, he said. "But where we see it, we will follow it."

Source: yahoo




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