Fri. Jul 1st, 2022
Biden Highlights Cryptocurrency in New National Security Anti-Corruption Directive

Biden Highlights Cryptocurrency in New National Security Anti-Corruption Directive

President Joe Biden’s latest policy, aimed at combatting corruption as a fundamental national security priority of the United States, includes cryptocurrency as a focal point. According to a Biden administration source, the directive would focus heavily on cryptocurrencies and cybercrime.

Biden’s New National Security Directive Highlights Cryptography

 

President Joe Biden has issued a new direction to government agencies directing them to put global anti-corruption operations first. The White House released a memo on Thursday titled “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest.”

According to CNBC on Friday, an administration insider stated that the memorandum is significant because it publicly advises government agencies to “raise their anti-corruption game.”

The order would concentrate on financial crimes, including attempts to upgrade current anti-corruption rules to combat cryptocurrencies and cybercrime, according to the official.

We’re looking at cryptocurrency as a source of criminal funding, but these new steps aren’t confined to new technology like cryptocurrency.

“We’ll be looking for suggestions on how to modernize existing procedures to react to new technologies,” the person said, adding that the Bank Secrecy Act may also be amended.

The directive also instructs federal departments to “develop a presidential strategy” to “combat all types of illegal finance” in the United States and internationally. This includes “vigorously” enforcing federal legislation requiring U.S. firms to “report their beneficial owner or owners to the Department of the Treasury,” lowering offshore financial secrecy, and minimizing tax evasion. [and] improving information sharing.”

“Executive departments and agencies should respond to all requests for information, analysis, and assistance relating to the interagency review from the Assistant to the President and National Security Advisor,” the document states. “Within 200 days after the date of this memorandum, the interagency review shall be completed,
and the President’s Assistant and National Security Advisor must present the President with a report and suggestions for future guidance and action.”

 

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