Tue, 26 Oct 2021

New U.S. task force to prosecute cryptocurrency crimes

Robert Besser
11 Oct 2021, 08:41 GMT+10

WASHINGTON D.C.: The United States Department of Justice has created a task force to prosecute illegal transactions involving cryptocurrency.

Called the National Cryptocurrency Enforcement Team (NCET), the group will function to thwart suspicious digital currency exchanges and prosecute those involved in money laundering.

"Today we are launching the National Cryptocurrency Enforcement Team to draw on the department's cyber and money laundering expertise to strengthen our capacity to dismantle the financial entities that enable criminal actors to flourish-and quite frankly to profit-from abusing cryptocurrency platforms," said deputy attorney general Lisa Monaco.

"As the technology advances, so too must the department evolve with it so that we're poised to root out abuse on these platforms and ensure user confidence in these systems," Monaco added.

Prior to the formation of the task force, the Department of Justice Criminal Division has been responsible for combating crypto crimes.

"NCET will look to deter, disrupt, investigate, and prosecute criminal misuse of cryptocurrency, as well as to recover the illicit proceeds of those crimes whenever possible," according to a statement issued by the Department of Justice.

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