Cryptocurrency is a point of focus in President Joe Bidenâ€™s new directive aimed at combating corruption as a core national security interest of the U.S. An official of the Biden administration says that major parts of the directive will focus on cryptocurrency and cybercrime.
Crypto a Focus in Bidenâ€™s New Directive for National Security
President Joe Biden has issued a new directive to federal agencies to prioritize efforts to confront global anti-corruption. It was published in the â€œMemorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest,â€ published by the White House on Thursday.
An administration official explained that the memorandum is important because it publicly notifies federal agencies to â€œup their anti-corruption game,â€ CNBC reported Friday.
Major parts of the directive will be focused on financial crimes, including steps to modernize existing anti-corruption laws to confront cryptocurrencies and cybercrime, the official detailed, adding:
The Bank Secrecy Act may also be updated, the official added, reiterating, â€œWeâ€™ll be looking for ideas of how to modernize these systems to respond to new technologies.â€
The memorandum additionally directs government agencies to â€œdevelop a presidential strategyâ€ to â€œcombat all forms of illicit financeâ€ in the U.S. and international financial systems. This includes â€œrobustlyâ€ implementing federal law requiring U.S. companies â€œto report their beneficial owner or owners to the Department of the Treasury, reducing offshore financial secrecy, [and] improving information sharing.â€
â€œExecutive departments and agencies shall be responsive to all requests from the Assistant to the President and National Security Advisor for information, analysis, and assistance related to the interagency review,â€ the memo reads. â€œThe interagency review shall be completed within 200 days of the date of this memorandum, and the Assistant to the President and National Security Advisor shall submit a report and recommendations to the President for further direction and action.â€
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