October 7, 2021

US Establishes Crypto Crime Enforcement Force

 The National Cryptocurrency Enforcement Team was established on October 6 to curb criminal activities in the cryptocurrency sector, including the use of digital currency for criminal purposes such as money laundering syndicates and drug trafficking.

The formation of the team was personally announced by Deputy Attorney General Lisa Monaco on the same day.

The effort highlighted by the United States Department of Justice (US) is aimed at creating the ability to disable those who handle cyber crime activities.

The establishment of this team is one of two initiatives targeting digital assets as stated by the Department of Justice.

The tactics to be used are taken from anti-money laundering and cyber security experts so that there is higher confidence and security of cryptocurrencies to the public.

While the second, encourage firms to report violations of cyber law as soon as possible. In fact, public cyber fraud initiatives will also be created.

These initiatives clearly demonstrate U.S. readiness to address the issue of high-profile cyberattacks plaguing the country.

For example, in May there was an attack on the Colonial Pipeline which caused a shortage of local gas in the East Coast leading to the existence of specific cyber security rules for gas pipeline owners.