FinCEN acting director says PATRIOT Act provision isn’t ‘right sized’ for crypto enforcement
2022.04.28 23:56
FinCEN acting director says PATRIOT Act provision isn’t ‘right sized’ for crypto enforcement
Him Das, the acting director of the United States Financial Crimes Enforcement Network, or FinCEN, said some of the government bureau’s tools to fight money laundering and terrorism financing may be ill suited for crypto.
In a Thursday hearing of the House Financial Services Committee on “Oversight of the Financial Crimes Enforcement Network,” Das addressed concerns from lawmakers regarding FinCEN’s authority to pursue information on illicit digital asset transactions. Kentucky Representative Andy Barr said many of the current “special measures” FinCEN was authorized to use under Section 311 of the PATRIOT Act were “rarely used,” while Das hinted that digital assets were essentially new ground for the law aimed at Anti-Money Laundering, or AML, and Countering the Financing of Terrorism, or CFT.
