The US Treasury will conduct the review of the activities of FinCEN in connection with the “cryptocurrency” risk
The US Treasury will conduct the review of the activities of FinCEN in connection with the "cryptocurrency" risk
According to information from open sources, the Inspector-General of the U.S. Treasury Department plans to review the Network’s activities to fight against financial crimes (FinCEN). It is directly associated with risks of money laundering and the financing of terrorism.
Verification must take place in accordance with the annual plan of the office of the Inspector-General (OIG) for the fiscal year 2018, which was published at the end of last week. Although details of the planned inspections are not disclosed, it is a remarkable event which should occur within three years after the beginning of FinCEN to publish guidance for companies dealing with cryptocurrencies, such as bitcoin.
It is also unclear when the Inspector-General will conduct its review. 2018 fiscal year began October 1 and will run until 30 September of the following year.
However, Management has repeatedly raised the issue of the cryptocurrency in the past and quite recently — in notes for the Minister of Finance Steven Mnuchin. Then, pointing to the challenges for government agencies responsible for coinage and printing money, the OIG also stated that technologies like bitcoin can have a long term impact on the operations of the United States Mint.