May 17, 2022

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US lawmakers take aim at North Korean cryptocurrency laundering

Proposed bill calls for ‘modernizing’ tools to combat new innovations in money laundering operations

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.