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DOJ Reports calls for more international cooperation, coordination on crypto law enforcement

The Block: “A new report from the Department of Justice proposes more international cooperation among law enforcement agencies on the crypto and blockchain front. Information sharing and the harmonization of anti-money laundering and know-your-customer rules were also proposed in the DOJ report, which was developed in conjunction with other US agencies in the wake of the Biden White House’s executive order on crypto. That EO was released in March. The report itself was drafted in response to that executive order…”

  • The Report of the Attorney General Pursuant to Section 8(b)(iv) of Executive Order 14067: How To Strengthen International Law Enforcement Cooperation For Detecting, Investigating, And Prosecuting Criminal Activity Related To Digital Assets, June 6, 2022 – “…The United States supports the responsible use and development of digital assets. This Report focuses on the criminal misuse of digital assets, the most common of which are cryptocurrencies. The perceived pseudonymity of cryptocurrencies makes them attractive vehicles for money laundering and other criminal exploits, and their widespread promotion as investment vehicles has led to opportunities for criminals to target consumers and retail investors—particularly those who seek to profit from investing in this emerging financial ecosystem, but are unfamiliar with the technology and the attendant risks of the market. Criminal actors leverage the innovation, claims of decentralization, and anonymizing features of cryptocurrencies to facilitate criminal conduct in all corners of the world. The cross-border nature of digital asset technologies accordingly requires collaboration with foreign law enforcement partners to locate and gather electronic records and digital evidence involving off-shore digital asset issuers, trading platforms, service providers, and other online infrastructure; to seize and prevent further distribution of digital assets linked to crime; and to identify and hold responsible criminal actors who exploit pseudonymity features of the Internet and decentralized finance (DeFi) technologies to avoid detection and prosecution…”

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