Crypto transactions worth $165 million linked to Hamas are being investigated in the United States
Wally Adeyemo, Deputy Secretary of the Treasury, wrote to lawmakers addressing the potential use of cryptocurrency by the Hamas group. In this regard, he called on Congress to provide new powers to oversee cryptocurrency outside the United States
US Deputy Secretary of the Treasury Wally Adeyemo
According to information provided by the US Treasury Department's counter-terrorism financing (AML) office, it has become aware of possible cryptocurrency transactions totaling $165 million that may have links to Hamas.
Hamas is a Palestinian Islamist (Sunni) terrorist political and military organization that governs the Gaza Strip. Hamas is headquartered in Gaza City, but the organization is also active in the West Bank. Hamas has a military wing, the Izz al-Din al-Qassam Brigades, which are responsible for attacks on Israel.
After reviewing suspicious activity reports from January 2020 to October 2023 from the Financial Crimes Enforcement Network (FinCEN), these transactions were found to be of concern. In this regard, the Deputy Secretary of the Treasury, Adewale Adeyemo, sent a letter to the heads of the Senate and House Banking Committees, urging support for the passage of a bill that would expand the powers of the US Treasury Department to oversee cryptocurrency transactions.
Such analyzes of the interaction between blockchain addresses and the flow of cryptocurrency funds would not be available without special solutions such as our Bholder.
According to information from FinCEN, the analysis revealed that more than 200 cryptocurrency addresses could have been used in these transactions. It is noted that the Ministry of Finance continues to actively monitor and conduct ongoing analysis of potential threats associated with cryptocurrencies and crypto-services.
“We continue to believe that Hamas and other terrorists have a preference for using traditional financial products and services, but I remain concerned that as we deny them access to traditional finance, these groups will increasingly turn to virtual assets.” - the letter says.
This letter was first reported by the Wall Street Journal earlier on Wednesday, March 13.
Lawmakers have conducted a thorough analysis of cryptocurrency's potential role in Hamas' attack on Israel last October. Because of this, the letter stated that Congress needs to know the true extent of Hamas's use of cryptocurrency after the Wall Street Journal reported on its possible use as a tool by the terrorist group. Also The Treasury Department has requested additional powers to prosecute illegal cryptocurrency activities, especially abroad.
Lawmakers have conducted a thorough analysis of cryptocurrency's potential role in Hamas' attack on Israel last October. Because of this, the letter stated that Congress needs to know the true extent of Hamas's use of cryptocurrency after the Wall Street Journal reported on its possible use as a tool by the terrorist group. Also The Treasury Department has requested additional powers to prosecute illegal cryptocurrency activities, especially abroad.
“The final proposal would provide Treasury's Office of Foreign Assets Control authority to impose secondary sanctions, an effective and flexible tool, against virtual asset companies doing business with sanctioned entities” Adeyemo wrote.
Opinion AML Crypto
First of all, I would like to note that the company AML Crypto condemns any terrorist actions and emphasizes its desire to actively combat the financing of terrorist groups through cryptocurrencies.
As for the current news, it once again confirms the relevance of tools for such services as AML address verification. The risk of encountering a crypto address involved in illegal activities is quite high and you can risk not only having your funds blocked, but also being drawn into dangerous activities without even knowing it.
Therefore, we remind you that you can check a Bitcoin wallet, check a Bitcoin or other network transaction, track a transaction, order a check of your counterparty’s AML address - you can do all this in a few seconds in our solution Btrace. The first AML verification of a crypto wallet is free for each user.
As for the current news, it once again confirms the relevance of tools for such services as AML address verification. The risk of encountering a crypto address involved in illegal activities is quite high and you can risk not only having your funds blocked, but also being drawn into dangerous activities without even knowing it.
Therefore, we remind you that you can check a Bitcoin wallet, check a Bitcoin or other network transaction, track a transaction, order a check of your counterparty’s AML address - you can do all this in a few seconds in our solution Btrace. The first AML verification of a crypto wallet is free for each user.
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