NEW: USTreasury recommends beefing up the country's anti-money laundering regime as it should apply to DeFi in its first analysis of risks associated with that corner of the industry. iamsandali jessehamilton report
published Thursday, the Treasury said thieves, scammers, ransomware cyber criminals and actors for the Democratic People’s Republic of Korea are using DeFi to launder proceeds from crime.
On the basis of its findings, the Treasury recommends an assessment of “possible enhancements” to U.S. anti-money laundering requirements and the rules for countering the financing of terrorism as they should be applied to DeFi services. It also calls for input from the private sector to inform the next steps.
“The private sector should use the findings of this assessment to inform their own risk mitigation strategies,” said Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, in a statement. The 40-page report warns that “DeFi services at present often do not implement AML/CFT controls or other processes to identify customers, allowing layering of proceeds to take place instantaneously and pseudonymously.”
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