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US Congress Passes Bill to Use Blockchain Technology to Fight Financial Crime

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US Congress Passes Bill to Use Blockchain Technology to Fight Financial Crime

The United States House of Representatives has released a bill for the Financial Crimes Enforcement Network (FinCEN) to study and analyze blockchain technology in its war against financial crime. The bill was passed by the House on 19 September titled, “Advancing Innovation to Assist Law Enforcement Act.”

The bill formally requires Kenneth Blanco, Director of the FinCEN, to initiate a study on the emerging use of digital technology for instance blockchain technology with FinCEN.

The bill states that the Director of the FinCEN is required to carry out a study on digital technology specifically, Artificial Intelligence, blockchain technology, and digital identity technologies, to name a few. There can also be other innovative technologies that could be further enhanced to make the network’s data and resources more efficient. The Senate was handed the bill over on 23 September after which it was referred to the Committee on Banking, Housing, and Urban Affairs.

FinCEN’s Battle Against Digital Fraud

Director of FinCEN, Kenneth Blanco, previously urged casino holders to follow the strict regulations and guidelines of the financial crimes enforcement network in cases of fraudulent convertible virtual currency (CVC) activity. Blanco stated that casinos with cryptocurrency payments enabled should consider the mode of conduction of payments on CVC activity, transactions and blockchain analysis.

He also stated that he would want casinos to review the documents on FinCEN’s website to view how the network is addressing the issue in the financial industry. Casinos are required to file SARS on encountering fraudulent CVC activity or any cyber-attacks that affect digital transactions.  This is not the first time Blanco has addressed the cause of fraudulent crypto dealings. He addressed members of the U.S. House of Representatives on raising awareness about Libra’s use in digital crimes like money laundering, and illicit financing activities.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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