U.S. lawmakers unveiled a new bill on Tuesday to clamp down on the use of cryptocurrencies in money laundering operations, explicitly naming North Korea as one of several “bad actors” increasingly involved in the practice.
The 2,900-page bill, known as the America COMPETES Act of 2022, would update the Financial Crimes Enforcement Network’s (FinCEN) ability to issue “special measures,” which allow the agency to regulate interactions with foreign financial institutions. The bulk of the bill, however, focuses on increasing U.S. competitiveness in key technology industries relative to China.
U.S. lawmakers unveiled a new bill on Tuesday to clamp down on the use of cryptocurrencies in money laundering operations, explicitly naming North Korea as one of several “bad actors” increasingly involved in the practice.
The 2,900-page bill, known as the America COMPETES Act of 2022, would update the Financial Crimes Enforcement Network’s (FinCEN) ability to issue “special measures,” which allow the agency to regulate interactions with foreign financial institutions. The bulk of the bill, however, focuses on increasing U.S. competitiveness in key technology industries relative to China.
Try unlimited access
Only $1 for four weeks
-
Unlimited access to all of NK News: reporting, investigations, analysis
-
Year-one discount if you continue past $1 trial period
-
The NK News Daily Update, an email newsletter to keep you in the loop
-
Searchable archive of all content, photo galleries, special columns
-
Contact NK News reporters with tips or requests for reporting
Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts.
Subscribe
now
All major cards accepted. No commitments – you can cancel any time.
SHARE
COPY LINK
X
MASTODON
#/media/File:U.S._Treasury_Building_and_Albert_Gallatin_Statue.jpg){kind=link}