US FinCEN Plans to Work with IRS On Bitcoin Compliance – Notes ISIL is using Bitcoin

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During a speech at American Bankers Association/American Bar Association Money Laundering conference last week, Jennifer Shasky, Director of the US Financial Crimes Enforcement Network (FinCEN), said they are going to continue to work closely with the IRS to help FinCEN determine whether virtual currency exchangers and administrators are meeting their compliance obligations under the applicable rules.

Where we identify problems, as we did earlier this year in conjunction with the U.S. Attorney’s Office in San Francisco in a parallel enforcement action against a virtual currency company, we will use our supervisory and enforcement authorities to appropriately penalize non-compliance and drive compliance improvements. 

At an American Bankers Association conference this week she told American Banker:

“There has been public reporting of connections of ISIL promoting the use of bitcoin and virtual currencies as a means of moving and raising funds, but I think we are also very focused on the traditional means of moving funds so I think we need to keep our focus on both areas.” Yet, she added: “I wouldn’t say that it is higher risk.”

We know they are very adept at social media and technology generally, so it is not a surprise that they might be interested in using emerging payment technologies as well.”

Calvery added that the Bank Secrecy Act database helped FinCEN to track ISIL’s funding.

“We had the IT system up and running. We are able to share information quite easily,” she said.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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