Blockchain/ Distributed Ledger

Cryptocurrency Exchange Facilitating Terrorism Financing

  • 1.  Cryptocurrency Exchange Facilitating Terrorism Financing

    Posted Jan 11, 2022 06:03:00 AM
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    A must-read report from Chainalysis on how Bitcoin Transfer is being used for financing terrorism. 

    With sanctions imposed on its ruling government and several militant jihadist groups active in the country since the civil war began in 2011, Syria is known to be a risky jurisdiction for terrorism financing. As such, money services businesses (MSBs) active in the country must come under increased scrutiny from financial intelligence units (FIUs) in both the public and private sector, as these businesses can be exploited for or even complicit in terrorism financing schemes. This scrutiny must also extend to cryptocurrency businesses, as our research shows that terror groups are scaling up their technology usage to transfer funds for operational purposes.

    Read further in the attached report.

    Vinoth Kumar Venkatesan
    Head, Cyber Engineering
    State Street Corporation