Can Terrorists Use Cryptocurrencies?
A bill that is at present in the US Senate would call the federal personnel that would likewise include the Department of Homeland Security. This is done so as to build up a threat assessment clarifying how digital currencies can be utilized to help support terrorist activities and to impart this evaluation to other law enforcement bodies.
With a quick ascent to individuals’ interest in digital currencies, there has been various new investments flooding into the crypto market. From proficient investors, speculators to companies, all are occupied with entering and there doesn’t appear to be any indications of it backing off at any point in the near future.
Nonetheless, this expanded interest is prompting more prominent investigation from government authorities, around the globe, that likewise incorporates United State Congress. As of late, a hearing of the chairman of SEC and CFTC has been held in the US Senate Committee.
Regardless of being all the hyped about cryptos being the fate of budgetary transactions, there is as yet a stigma joined to cryptos that they are being utilized for illicit activities.
Last May, the delegates Derek Kilmer (D-WA) and Kathleen Rice (D-NY) presented a bill HR22433 that essentially aims to push the Department of Homeland Security to coordinate with other federal accomplices to lead a threat assessment on virtual currencies.
To put it all the more particularly, the DHS Office of Intelligence and Analysis is called on by the bill to examine “the threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism, including the provision of material support or resources to a foreign terrorist organization.”
Once the evaluation is finished, the DHS would need to share the discoveries to other law enforcement bodies at the local, state and government levels.
Obviously, there have been doubts about the utilization of bitcoin by ISIS to finance its terrorist activities. Another comparative suspicious endeavor has been by a Pakistani-born US resident Zombie Shehnaz, who has been accused of money laundering and bank fraud. She had acquired these assets falsely by utilizing them to buy digital currencies that likewise included bitcoin.
Shehnaz was making various wire transfers to unclear people and entities found abroad. As indicated by the court reports:
“These transactions were motivated to benefit ISIS, which the defendant ultimately sought to join in Syria.”
A week ago, a hearing was held by the US Senate to revise the Department of Homeland Security Authorization Act through HB2825. A section of this contains a comparable language as HR2433, and before it was sent over to the Senate, it got effectively passed a year ago. Besides, from that point forward no move has been made by the Senate that obviously implies the evaluation request is cleared.
By: Hassan Njie
Source: HiBusiness