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(Kitco News) The US Department of Justice (DOJ) has announced the launch of a National Cryptocurrency Enforcement Team (NCET) tasked with complex crypto investigations and prosecutions.
The focus will be on virtual currency trading, money laundering, and mixing and tumbling services.
The objective will be “to tackle the complex investigations and prosecutions of criminal cryptocurrency abuses, in particular crimes committed by virtual currency exchanges, mixing and tumbling services and actors in money laundering infrastructure. ‘money,’ according to the department’s press release.
The DOJ said it must evolve as technology advances and ensure it is ready “to eliminate abuse on these platforms and ensure user confidence in these systems.”
The new Crypto Enforcement Team will combine the expertise of the Money Laundering and Asset Recovery Section (MLARS) of the Criminal Division of the Ministry of Justice, the Computer Crime Section and the intellectual property (CCIPS) and experts from US prosecutors’ offices.
The team will also be responsible for helping recover stolen or lost assets, including crypto-ransomware payments.
“Today, we are launching the National Cryptocurrency Enforcement Team to leverage the ministry’s expertise in cyber and money laundering to strengthen our ability to dismantle the financial entities that enable for criminal actors to thrive – and quite frankly profit – from the abuse of cryptocurrency platforms, ”the deputy prosecutor said. General Lisa O. Monaco said on Wednesday.
The candidate who will lead the NCET will be an expert in criminal investigations, prosecutions and will have an excellent knowledge of cryptocurrencies and blockchain.
“The head of NCET will report to the Deputy Prosecutor General of the Criminal Division,” the press release said. “The team leader will lead the team of attorneys from MLARS, CCIPS, and Deputy United States Attorneys (AUSA) detailed from United States prosecutors’ offices across the country to identify, investigate, support and prosecute cases against the exchanges of cryptocurrency, infrastructure providers and other entities that allow the misuse of cryptocurrency and related products to commit or facilitate criminal activity. “
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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