As the Ministry of Justice launches a new working group, cryptocurrency tumblers, trading under the microscope


As part of the core national security interests of the United States, the Biden administration has launched a five-pillar strategy to combat corruption. The strategy involves the establishment of a new working group to address potentially illegal activities of cryptocurrency exchanges and other services that may become a channel for money laundering.

In order to strengthen the enforcement of anti-money laundering regulations and criminal and civil laws, the federal government plan Implement new tools for investigating and prosecuting money laundering crimes. Specifically for cryptocurrencies, “Pillar Three: Investigating Corruptors” emphasizes:

“Ministry of Justice [Deparment of Justice] A newly formed working group, the National Cryptocurrency Enforcement Group, will be used to focus exclusively on complex investigations and prosecutions of criminal abuse of cryptocurrency. “

The White House mentioned that the National Cryptocurrency Enforcement Team will be particularly responsible for overseeing “crimes committed by participants in virtual currency exchanges, hybrid and rollover services, and money laundering infrastructure.”

The Ministry of Justice has also expanded its subpoena powers for certain financial records kept abroad, and has implemented new disclosure requirements for beneficial ownership information. The department also plans to encourage whistleblowers to share information that leads to the identification and seizure of illegal proceeds.

related: House committee announced that the cryptocurrency CEO will testify at the digital asset hearing on December 8

Parallel to the White House’s latest move, Representative Maxine Waters, Chairman of the House Financial Services Committee, has invited the CEOs of eight major crypto companies to discuss the future of digital assets and finance on Wednesday.

As Cointelegraph reported, the chief financial officers of Circle, FTX, Bitfury, Paxos, Stellar Development Foundation, Coinbase and Coinbase Global will attend the committee hearing.