Biden Makes Cryptocurrency a Focus of New Anti-Corruption Directive for National Security

Biden Makes Cryptocurrency a Focus of New Anti-Corruption Directive for National Security

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June 4, 2021 by J.D. Smith
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Cryptocurrency is a point of focus in President Joe Biden’s new directive aimed at combating corruption as a core national security interest of the U.S. An official of the Biden administration says that major parts of the directive will focus on cryptocurrency and cybercrime. Crypto a Focus in Biden’s New Directive for National Security President
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Cryptocurrency is a point of focus in President Joe Biden’s new directive aimed at combating corruption as a core national security interest of the U.S. An official of the Biden administration says that major parts of the directive will focus on cryptocurrency and cybercrime.

Crypto a Focus in Biden’s New Directive for National Security

President Joe Biden has issued a new directive to federal agencies to prioritize efforts to confront global anti-corruption. It was published in the “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest,” published by the White House on Thursday.

An administration official explained that the memorandum is important because it publicly notifies federal agencies to “up their anti-corruption game,” CNBC reported Friday.

Major parts of the directive will be focused on financial crimes, including steps to modernize existing anti-corruption laws to confront cryptocurrencies and cybercrime, the official detailed, adding:

We are looking at crypto as a means of illicit finance but by no means are these new steps limited to new technologies like crypto.

The Bank Secrecy Act may also be updated, the official added, reiterating, “We’ll be looking for ideas of how to modernize these systems to respond to new technologies.”

The memorandum additionally directs government agencies to “develop a presidential strategy” to “combat all forms of illicit finance” in the U.S. and international financial systems. This includes “robustly” implementing federal law requiring U.S. companies “to report their beneficial owner or owners to the Department of the Treasury, reducing offshore financial secrecy, [and] improving information sharing.”

“Executive departments and agencies shall be responsive to all requests from the Assistant to the President and National Security Advisor for information, analysis, and assistance related to the interagency review,” the memo reads. “The interagency review shall be completed within 200 days of the date of this memorandum, and the Assistant to the President and National Security Advisor shall submit a report and recommendations to the President for further direction and action.”

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