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Tuesday, November 30, 2021
Home News US FinCEN Plans to Work with IRS On Bitcoin Compliance - Notes...

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

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.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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