New Bill Introduced In Congress Targets Crypto’s Suspected Involvement In Financing Terrorism

Share This Post

In response to the Hamas attacks on Israel in October, a group of bipartisan US senators has introduced the Terrorism Financing Prevention Act. The legislation aims to tighten regulatory actions against terror groups by countering the use of cryptocurrency for funding purposes

Led by Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed, the bill seeks to expand sanctions on foreign parties that facilitate financial transactions with terrorists, including the designation of all US-designated Foreign Terrorist Organizations (FTOs), such as Hamas.

Sanctions For Foreign Banks And Crypto Transactions?  

As announced by the US Senator for Utah state, Mitt Romney, the Terrorism Financing Prevention Act addresses the emerging threat of digital assets and their potential role in financing terrorism. It empowers the US Department of the Treasury to identify foreign banks and digital asset transaction facilitators that knowingly engage in transactions with FTOs or related parties. 

According to the press release, sanctions, such as restrictions on using US correspondent bank accounts or digital asset transactions with US persons, will be imposed on these identified actors.

The legislation also incorporates a provision from the previously introduced Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act, granting the Financial Crimes Enforcement Network (FinCEN) the authority to restrict transactions involving “primary money laundering concerns” that do not involve a US correspondent bank account. Senator Romney stated: 

The October 7 attacks on Israel perpetrated by Hamas have made it more urgent and necessary for the U.S. to counter the role that cryptocurrency plays in the financing of terrorism. Our legislation would expand financial sanctions to cover all terrorist organizations—including Hamas—and it would equip the Treasury Department with additional resources to counter terrorism and address emerging threats involving digital assets

This provision equips FinCEN with the necessary tools to address threats related to digital assets and non-traditional finance networks.

Integrity Of US Financial System In Fight Against Terrorism

To support the effective implementation of these programs, the Terrorism Financing Prevention Act authorizes the required resources for the Treasury Department. The bill emphasizes the need to protect the integrity of the US financial system from terrorist organizations, including Hamas, and their reprehensible acts.

By tightening regulations and imposing sanctions on foreign entities involved in facilitating transactions with FTOs, the senators aim to disrupt terrorist financing networks. In this regard, Senator Rounds claimed: 

It is critical that the Department of the Treasury has the necessary counter-terrorism tools to combat modern threats. The Terrorism Financing Prevention Act takes common sense steps toward rooting out terrorism by sanctioning foreign financial institutions and foreign digital asset companies that assist them in committing these heinous acts. 

Crypto

Featured image from Shutterstock, chart from TradingView.com

Read Entire Article
spot_img

Related Posts

The Bitcoin “Big Money Algos” Are Here: Will BTC Breach $70,000?

Mike Alfred, a Bitcoin investor and crypto commentator, thinks the “big money algos” are back and predicts the world’s most valuable cryptocurrency will rally to record fresh

Ethereum Taps $3,000 Barrier Amid ETF Speculation and Upcoming Dencun Upgrade

The value of ethereum, the crypto market’s second-largest asset by market cap, eclipsed the $3,000 milestone on Tuesday, peaking at $3,014 per unit in the morning trading hours Over the last

Solana, Chainlink Among Coins With Overheating Open Interest: Data

Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels Solana & Chainlink Have Their Open Interest At Notable

Ripple Vs. SEC Legal Dispute: Expert Speculates On April Conclusion

The ongoing legal battle between San Fransisco-based payment firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) is presently in the limelight as today marks the

Gaunt photos of FTX founder Sam Bankman-Fried in prison emerge online

The first photos of Sam Bankman-Fried, the convicted founder of the bankrupt FTX exchange, at New York’s Metropolitan Detention Centre, have emerged online from crypto influencer Tiffany Fong

Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000

Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF  
- Advertisement -spot_img