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Biden Administration Took The First Step Toward Tackling CryptoCrime

With the release of its five-pillar anti-corruption plan on Monday, the Biden administration took a first step toward tackling a national security issue raised by the president in June โ€“ battling corruption. The research, titled “United States Strategy on Countering Corruption,” concludes that combating fraud and corruption must be a top priority.

“As a fundamental threat to the rule of law, corruption hollows out institutions, corrodes public trust, and fuels popular cynicism toward effective, accountable governance,”

the report reads.

According to the framework, the government would focus its efforts on five mutually interdependent work pillars, namely:

  1. Modernizing, coordinating, and resourcing U.S. government efforts to fight corruption
  2. Curbing illicit finance
  3. Holding corrupt actors accountable
  4. Preserving and strengthening the multilateral anti-corruption architecture
  5. Improving diplomatic engagement and leveraging foreign assistance resources to advance policy goals

Targeting criminal usage of cryptocurrency is part of the government’s objective detailed in Strategic Objective 3.1: Strengthen enforcement efforts for Pillar Number Three.

“Cryptocurrency and corruption: [Department of Justice] DOJ will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors,”

the report stated.

The plan aims for a holistic approach to combating corruption, with a particular emphasis on the utilisation of digital assets.

“Advances in digital technology have dramatically improved the efficiency, convenience, and reach of digital alternatives to cash, and accelerated the usage of and commercial trading in digital assets across the world,”

The report said.

“At the same time, digital assets have been used in support of a variety of illicit activities, including proliferation financing, ransomware attacks, human and narcotics trafficking, fraud, corruption, and sanctions evasion.”