16 September, 2019
Sigal Mandelker, the deputy minister of the US Treasury, stated cryptocurrencies could become a new frontier in the fight against terrorist financing. Mandelker promised that the United States and partners will do everything necessary to ensure that networks and fintech projects that do not comply with legal standards cease to exist.
''Terrorist organizations and their supporters and sympathizers are constantly looking for new ways to raise and transfer funds without detection or tracking by law enforcement. While most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier,'' she said.
Middle East Media Research Institute experts said that most large terrorist organizations use cryptocurrency to exchange finances. Thanks to mixing services, criminal groups can hide all their transactions.
The company Financial Integrity Network has developed a special strategy for the control of cryptocurrency transactions, which is now being brought up for consideration by Congress. This strategy involves blocking the activities of fintech companies seen in even the smallest links with terrorism.