Terrorism Financing With Crypto Needs To Stop, Says US Senators

Please fol­low and like us:
Pin Share

U.S. Sen­a­tors Mitt Rom­ney, Mark R. Warn­er, Mike Rounds, and Jack Reed have intro­duced the Ter­ror­ism Financ­ing Pre­ven­tion Act. 

The bipar­ti­san leg­is­la­tion aims to strength­en sanc­tions against for­eign enti­ties facil­i­tat­ing finan­cial trans­ac­tions with des­ig­nat­ed For­eign Ter­ror­ist Orga­ni­za­tions (FTOs), includ­ing Hamas.

Crypto Terrorism Financing Bill Will Expand Coverage

Pre­vi­ous­ly, such sanc­tions were lim­it­ed, pri­mar­i­ly tar­get­ing Hezbol­lah after the pas­sage of the Hizbal­lah Inter­na­tion­al Financ­ing Pre­ven­tion Act in 2015. 

How­ev­er, the new leg­is­la­tion expands these sanc­tions to cov­er all U.S.-designated FTOs, address­ing the urgent need high­light­ed by the Octo­ber 7 attacks on Israel car­ried out by Hamas.

Mean­while, Sen­a­tor Rom­ney empha­sized the neces­si­ty of coun­ter­ing cryptocurrency’s role in ter­ror­ism financ­ing. He stat­ed that the pro­posed leg­is­la­tion equips the Trea­sury Depart­ment with addi­tion­al resources to tack­le emerg­ing threats relat­ed to dig­i­tal assets. 

The Ter­ror­ism Financ­ing Pre­ven­tion Act is designed to ensure that the Trea­sury Depart­ment has the tools required to enforce sanc­tions against ter­ror­ist groups like Hamas, accord­ing to Sen­a­tor Warner.

Read more: What does a Vam­pire Attack in Cryp­to Mean?

US Senators Aim To ‘Save Lives’ Through The Crypto Terrorism Financing Legislation 

Sen­a­tor Rounds under­scored the impor­tance of dis­rupt­ing ter­ror­ist finance net­works. He expressed con­fi­dence that the bill’s sanc­tions on for­eign finan­cial insti­tu­tions and dig­i­tal asset com­pa­nies aid­ing ter­ror­ists would save lives. 

The bipar­ti­san nature of the leg­is­la­tion demon­strates a col­lec­tive effort to strength­en nation­al security.

Fur­ther­more, Sen­a­tor Reed empha­sized the crit­i­cal need to pro­tect the integri­ty of the U.S. finan­cial sys­tem. In par­tic­u­lar, he notes emerg­ing threats posed by ter­ror­ist orga­ni­za­tions.

The state­ment fur­ther out­lines pre­sent­ing for­eign finan­cial insti­tu­tions and cryp­to firms with a choice between doing busi­ness with ter­ror­ists or main­tain­ing access to the U.S. finan­cial system. 

The Sen­a­tors believe firms will not want to dam­age their rep­u­ta­tion with­in the finan­cial system. 

Read more: Top 4 Cryp­to Pas­sive Income Ideas That Real­ly Work In 2023

Disclaimer

In adher­ence to the Trust Project guide­lines, BeIn­Cryp­to is com­mit­ted to unbi­ased, trans­par­ent report­ing. This news arti­cle aims to pro­vide accu­rate, time­ly infor­ma­tion. How­ev­er, read­ers are advised to ver­i­fy facts inde­pen­dent­ly and con­sult with a pro­fes­sion­al before mak­ing any deci­sions based on this content.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.