Tanya Abrosimova
Independent Analyst
- Sigal Mandelker urges global regulators to fight crypto-related crimes.
- US stirves to regulate the financial activity of crypto companies and prevent bad practices.
Sigal Mandelker from the U.S. Department of the Treasury Under Secretary for Terrorism and Financial Intelligence urges regulators from all over the world to follow the lead of the US authorities and develop measures to fight criminal activities and involve digital assets.
“While the United States regulates, supervises, and brings enforcement actions relating to virtual currency and other digital assets financial activity, many more countries must follow suit. We have made this a priority in our international outreach, including through the Financial Action Task Force (FATF), for which the United States is currently serving as President.”
She emphasized that Americal regulatory institutions monitor and control the financial activity of companies engaged in cryptocurrency business, and fight the criminals on an individual basis. Namely, the office tracked and sanctioned tow Iranian residents who converted digital tokens received as a ransom into Iranian rials.
“As Iranian and other bad actors attempt to misuse digital currency to facilitate illicit activity, financial institutions, including exchanges and other providers of digital currency services, must guard against the risks of assisting these malicious actors,” Sigal Mandelker explained.
She also added that financial companies should build their operational activity in a way that will protect them from fraud and crimes related to digital assets. First of all, they should stay away from sanctioned people and companies.
A similar opinion was expressed by the head of the International Monetary Fund Christine Laggard. She said the criminals might use new technologies including cryptocurrencies, to secure financing for their illegal activities, and governments all over the world should join forces to face new challenges.
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