Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) introduced a Notice of Proposed Rule Making (NPRM) that classifies international Convertible Virtual Currency Mixing (CVC mixing) as a significant concern for money laundering. This NPRM addresses the risks associated with the widespread use of CVC mixing services by various illicit actors worldwide and proposes a rule to enhance transparency in this area to combat its use by entities like Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK).
The lack of transparency in international CVC mixing activities poses a severe risk to money laundering and national security. Increasing transparency in this field is essential to prevent illicit actors from accessing the U.S. and global financial systems. This move aligns with Treasury’s longstanding efforts to counter the activities of terrorist groups, ransomware criminals, and state actors trying to evade sanctions.
The NPRM would require covered financial institutions to report information about transactions involving CVC mixing within or involving jurisdictions outside the United States when they have suspicions about illicit activity. This rule follows previous actions by Treasury to address illicit finance associated with mixing services.
For more details, you can read the full NPRM here. Written comments can be submitted within 90 days of the NPRM’s publication in the Federal Register.
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