According to the Treasury, there are AML/CFT regulations that DeFi services must follow.
The Treasury has said that it would be releasing a strategy plan in the next few weeks.
In one of three national risk evaluation reports released on Wednesday, the U.S. Treasury Department said that virtual assets are becoming more popular with criminals, fraudsters, and illicit players.
Highlighting illicit financing challenges, vulnerabilities, and hazards in the U.S., the agency issued its 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing.
Counter Strategy Underway
Moreover, the agency laid out the ways criminals utilize cash and, more recently, cryptocurrency to launder money for crimes including fraud, drug trafficking, human trafficking, and corruption. Also, the Treasury has said that it would be releasing a strategy plan in the next few weeks that will address the concerns raised in Wednesday’s reporting.
According to the Treasury’s mon
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