The United States Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, issued an alert for financial institutions as part of efforts to identify “suspicious activity” related to funding terrorist groups.
In an Oct. 20 notice, FinCEN said that the militant group Hamas — behind the Oct. 7 attack on Israel — employed “fundraising campaigns involving virtual currency and fictitious charities raising both fiat and virtual currency” to fund its activities. The government department warned virtual asset service providers and other institutions to “identify and report suspicious transactions” potentially connected to Hamas.
Specifically, FinCEN cautioned financial institutions to be wary of clients who have conducted transactions with a business in a jurisdiction associated with Hamas, entities already on the Office of Foreign Assets Control’s list of Specially Designated Nationals, and those that solicit crypto donations on social media. The announcement came less than 24 hours after the government department proposed designating crypto mixing as an area of “primary money laundering concern” related to terrorism.
Today, Treasury’s Financial Crimes Enforcement Network announced a proposed rule to increase transparency around international Convertible Virtual Currency Mixing to combat its use by malicious actors including Hamas, Palestinian Islamic Jihad, & the DPRK. https://t.co/1atRjZnjwo
— Treasury Department (@USTreasury) October 19, 2023
Related: Crypto Aid Israel raises $185K in 10 days, distributes aid to 4 organizations
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Author: Turner Wright
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