WASHINGTON—The cryptocurrency industry must follow Treasury’s AML regulations and sanctions to prevent bad actors from abusing platforms known as “mixers” to launder illicit funds, according to one Treasury official.
“Mixers,” which enable users to exchange cryptocurrencies with relative anonymity, can be a way for illicit actors to obfuscate the ownership and movement of funds while making it harder for law enforcement to have visibility into the transfers, Elizabeth Rosenberg, the Treasury assistant secretary for terrorist financing and financial crimes, said in recent remarks, according to the Wall Street Journal.
“The challenge is that while these services often operate as money transmitters and thus have regulatory reporting obligations, they may deliberately operate in a noncompliant manner to make it more difficult for regulators and law enforcement to trace illicit funds,” Rosenberg said in a speech delivered at the Crypto Council for Innovation, a Washington-based trade association that lobbies on behalf of the crypto industry.
The Treasury Department in August sanctioned Tornado Cash, a currency mixer that allows users to commingle their funds to obfuscate ownership, accusing it of enabling the laundering of billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers, The Journal SSWS.
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