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Friday, January 27, 2023

DOJ Brings Out New Report On Crypto Crime, Also Announces New Expert Network

The DOJ of the United States produced its latest report as a response to the executive order of the President on the development of digital assets and crypto crime on the 16th of September. The Department also announced the creation of a new Digital Asset Coordinator Network which would be in furtherance of the efforts of the department to combat the growing threat that has been posed through illegal and illicit use of crypto and digital assets to the American public.

The report, which was initially titled, “The Role of Law Enforcement in Detecting, Investigating and Prosecuting Criminal Activity Related To Digital Assets” went on to complement the report that it had published in June regarding international law enforcement cooperation. This new report definitely characterizes digital asset criminal exploitation, with particular attention to NFTs, and the DeFi sector. 

DOJ Has Brought Its Report On Crypto Crime

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This report on crypto crime has its priority proposals extended to the anti-tip-off provision by enhancing the definition of what construed a financial institution within the statutes that were applicable- whilst amending the criminal code as it applied to unlicensed businesses of money transmission- also extending the statute of limitation for certain other offenses.

The report went on to dictate changes to the provision and preservation of evidence- whilst recommending strengthening penalties and other changes to the existing laws of the state- especially the Bank Secrecy Act. It has also recommended adequate funding for these efforts- changes in hiring policy, as well as employee incentives. 

The DAC- which specifically deals in crypto crime, has already been launched under the leadership of the National Cryptocurrency Enforcement Team, a body that was created in February after it was announced the previous year.

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