News
Reports on crypto funding terrorism and blockchain forensics were confusing, but everyone agreed on the need for collaboration and regulation.
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Terrorism News
Terrorism is a term that is used to describe acts of violence in order to create fear within large masses of people to achieve some political, religious, financial or ideological purpose. Terrorism is performed both in the domestic territories of terrorists and on the international level. Terrorism is funded for a variety of reasons. Sometimes, terrorism is funded to destabilize the political situation in a country for some geopolitical reason by other countries. Terrorism is also funded by protection racketing, kidnapping for ransom, fraud and robbery. Sympathizers of terrorism often use cryptocurrency and Bitcoin, in particular, to cover any traces of funding. Bitcoin terrorism financing is an important issue for many governments and is a major issue in regard to Bitcoin regulation policies. Although the scale of terrorism financing via Bitcoin may be exaggerated, some authorities see it as too risky to remain inactive.
- News
The Campaign for Accountability wanted to let the anti-crypto senators know that the threat of terrorist financing with crypto was worse than they thought.
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U.S. Senator Cynthia Lummis and Representative French Hill urged the Justice Department to take “swift action” against Binance and Tether over facilitating funds for Hamas.
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The government department warned virtual asset service providers and other financial institutions to “identify and report suspicious transactions” related to terrorist groups.
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The organization is a collective of Israeli Web3 community members and international companies striving to alleviate suffering in the south of Israel.
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The Blockchain Association and Crypto Council for Innovation said Hamas had reportedly stopped using Bitcoin, as authorities could more easily track funds.
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According to the U.S. Treasury, federally designated terrorist groups including Hamas, ISIS and an al-Qaeda affiliate used the Buy Cash Money and Money Transfer Company to transfer funds.
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The stablecoin issuer freezes addresses containing $873,000 USDT linked to illicit activity in Israel and Ukraine.
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The Israeli ministries of defense and justice and a number of intelligence and enforcement agencies collaborated; Chainalysis also pitched in.
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While fiat channels remain the dominant tool for criminal financing, Bitcoin appears to have fallen out of favor for criminals as far as cryptocurrencies go.
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Qatar has been told by the Financial Action Task Force to improve its “understanding of more complex forms” of financial crime.
4658 - Opinion
Government should develop Know Your Customer procedures for social media and messaging services and take stronger measures to track cryptocurrency transactions.
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While the Senator did not expand on other details of the upcoming bill, she suggested that DeFi should not be exempt from AML laws.
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Over 150 crypto wallets blacklisted for alleged links to the funding of terror groups can now be drained of all funds following a ruling by an Israeli court.
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A “close look” is being taken at money laundering and terror financing laws by FinCEN as it asked banking sector players for feedback on DeFi’s crime risks.
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