US Department of Justice to create its group to combat crypto crime
A National Network of Prosecutors will tackle money laundering, terrorist financing, and ransomware
17.09.2022 - 09:45
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What’s new? The US Department of Justice (DOJ) will form a national team of prosecutors specializing in crypto crimes. According to The Wall Street Journal, the team will include more than 150 people to combat criminal activity in the field of digital assets. Eun Young Choi, the first director of the Justice Department’s national cryptocurrency enforcement team, said that the group will focus on combating money laundering, terrorism financing, and ransomware.
What else is known about the initiative? According to Choi, the Justice Department’s crypto unit will also
train other law enforcement officials.
“Digital-asset crimes are truly multidisciplinary. They are cross-border, complex, and challenging investigations and they require a certain level of competency,” the department’s representative explained.
The DOJ will also focus on decentralized finance (DeFi) protocols. According to the department’s representative, such platforms are playing an increasingly important role in money laundering and other criminal activities.
In October 2021, the US Justice Department opened a vacancy to head the National Cryptocurrency Enforcement Team. In May of this year, the DOJ opened its first criminal case on the use of digital assets to circumvent sanctions. An American was accused of transferring more than $10 million in bitcoins abroad.
In July, the Commodity Futures Trading Commission (CFTC) created the Office of Technology Innovation (OTI) to oversee the cryptocurrency sphere.
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