{"id":581630,"date":"2023-04-06T22:27:48","date_gmt":"2023-04-06T21:27:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=581630"},"modified":"2023-04-06T22:27:56","modified_gmt":"2023-04-06T21:27:56","slug":"u-s-treasury-warns-of-defi-illicit-use","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/u-s-treasury-warns-of-defi-illicit-use\/","title":{"rendered":"U.S. Treasury Takes Aim At DeFi, Warns Of Illicit Use By Criminals"},"content":{"rendered":"\n
The United States Department of Treasury recently released a report that took a closer look at decentralized finance and its role in illicit finance around the world. The 42-page report, which was commissioned by the Biden administration, found that certain DeFi services are not complying with anti-money laundering (AML) and countering the financing of terrorism (CFT) rules, creating a significant illicit finance risk.<\/p>\n\n\n\n
According to the report<\/a> titled \u201cIllicit Finance Risk Assessment of Decentralized Finance\u201d, found that decentralized finance was being used by illicit actors, including ransomware cybercriminals, thieves, scammers, and Democratic People\u2019s Republic of Korea (DPRK) cyber actors, to transfer and launder the proceeds of their illegal activities. This is reportedly being done by exploiting the gaps in DeFi services’ compliance with AML and CFT regulatory regimes.\u00a0<\/p>\n\n\n\n