During a virtual speech at the Aspen Cyber Summit on Wednesday, US Deputy attorney general Lisa Monaco announced the formation of a National Cryptocurrency Enforcement Team (NCET).
The US Department of Justice (DOJ) has established the National Cryptocurrencies Enforcement Team to combat and prosecute “criminal misuses of cryptocurrency, notably those committed by virtual currency exchanges, mixing and tumbling services, and money laundering.” “The point is to safeguard consumers,” stated US Deputy Attorney General Lisa Monaco.
The initiative’s goal is to “address 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,” according to a subsequent statement from the Department of Justice. “The team will also aid in the tracing and recovery of assets lost as a result of fraud and extortion, including bitcoin payments to ransomware gangs.”
“We are today launching the National Cryptocurrency Enforcement Team today. We won’t hesitate to go after laundering platforms and are drawing on cyber experts and prosecutors, and money laundering experts.” Monaco said.
The National Cryptocurrency Enforcement Initiative’s purpose is to “strengthen” the Department of Justice’s (DOJ) capabilities to disrupt financial markets that allow hackers to “flourish.” Experts in anti-money laundering and cybersecurity will be part of the team.
Monaco quoted “Cryptocurrency exchanges want to be the banks of the future. Well, we need to make sure that folks can have confidence when they’re using these systems and we need to be poised to root out abuse. The point is to protect consumers.”
On Wednesday, the deputy attorney general also unveiled another DOJ programme. The new civil cyber fraud initiative will “employ civil enforcement measures to target corporations, particularly those that are government contractors and receive federal payments, when they fail to follow specified cybersecurity standards.”