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ARTICLE · 27 JUNE 2018

House Subcommittee Hears Testimony On Virtual Currency AML Risks

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The U.S. House Financial Subcommittee on Terrorism and Illicit Finance considered testimony by law enforcement agencies on the use of Bitcoin ...

United StatesTechnology
Joseph Moreno
Joseph Moreno
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The U.S. House Financial Subcommittee on Terrorism and Illicit Finance considered testimony by law enforcement agencies on the use of Bitcoin and other virtual currencies for money laundering and terrorist financing. Subcommittee staff noted that the allure of anonymity, low transaction costs and lack of cross-border regulation make virtual currency especially attractive to criminals and other illicit actors.

Witnesses at the hearing included Mr. Thomas Ott, Associate Director of the Financial Crimes Enforcement Network ("FinCEN") Enforcement Division; Mr. Robert Novy, Deputy Assistant Director of the United States Secret Service Office of Investigations; and Mr. Gregory Nevano, Deputy Assistant Director of the Homeland Security Investigations Illicit Trade, Travel and Finance Division.

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