FINCEN TO CLASS CRYPTO MIXERS SOURCE OF PRIMARY ML CONCERN
October 22nd, 2023
USA FIU FinCEN is to designate transactions involving international convertible virtual currency mixing (CVC mixing) a source of 'primary money laundering concern'. The move, the first time FinCEN has used its authority under Section 311 of the USA Patriot Act on combatting terrorism and money laundering to target a class of transactions in this way, follows the Hamas attack on Israel on October 7, believed to have been largely funded with crypto. “CVC mixing offers a critical service that allows players in the ransomware ecosystem, rogue state actors, and ...
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