Cryptocurrency is a point of focus in President Joe Biden’s new directive aimed at combating corruption as America’s main national security interest, with a Biden administration official saying major parts of the directive will focus on cryptocurrency and cybercrime .
Crypto a Focus in Biden’s New Directive for National Security
President Joe Biden has issued a new directive to federal agencies to prioritize efforts to combat global anti-corruption. It was published Thursday in a “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest” published by the White House.
An administration official told CNBC on Friday that the memo is important because it publicly informs federal agencies to “up their anti-corruption game.”
Key parts of the directive will focus on financial crimes, including steps to modernize existing anti-corruption laws to combat cryptocurrencies and cybercrime, the official elaborated:
We are seeing crypto as a means of illicit finance but by no means are these new moves limited to new technologies like crypto.
The Bank Secrecy Act could also be updated, the official reiterated, adding that “we will be looking for ways to modernize these systems to respond to new technologies.”
The memorandum additionally instructs government agencies to “develop a presidential strategy” to “combat all forms of illicit finance” in the US and international financial systems. This includes “forcefully” enforcing federal law requiring US companies to “report their beneficial owner or owners to the Treasury Department, thereby reducing offshore financial secrecy, [and] Improving information sharing.”
“Executive departments and agencies will be responsible for assistance relating to information, analysis and interagency review of all requests from the Assistant to the President and National Security Adviser,” the memo reads. “The inter-agency review shall be completed within 200 days of the date of this memorandum, and the Assistant to the President and the National Security Adviser shall submit a report and recommendations to the President for further direction and action.”
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