The United States faces the growing threat of transnational cybercrime, especially against the financial system. Arguably the largest lawsuit of its kind in US history, the US Department of Justice has filed a lawsuit against Texas tech billionaire Bob Brockman over a 39-year-old indictment of $ 2 billion in tax evasion. The businessman used encrypted devices and passwords to cover up the flow of fraud, tax fraud and money laundering on a network of external devices and bank accounts.
As CEO of Reynolds and Reynolds, Brockman contributed 6.4% to the current annual deficit of $ 3.1 trillion, more than double the previous record of $ 1.4 trillion it saved from the 2007-2008 credit crisis. In addition to Brockman’s tax fraud, the COVID-19 pandemic has exacerbated arrears with swollen revenue cuts and increased spending combined with higher daily infections with the Coronavirus, which currently affects 8 million people in the United States and 39 million worldwide. …
IT Fraud Task Force
Cybercrime and traditional financial crime have risen dramatically in recent years, particularly since the COVID-19 outbreak. In an effort to address the growing problem, the US Secret Service has merged the Cybercrime Task Force and the Economic Crime Task Force into a single network called the Anti-Internet Fraud Task Force with offices in the United States and Europe.
The Cyber Fraud Task Force, or CFTF, is formed among lawmakers in Washington who support legislation to restore the Secret Service from the State Department to the Treasury to better investigate economic cyberspace crimes.
As US Attorney General William Barr explained in an 83-page US Department of Justice report entitled “Cryptocurrency Enforcement System,” it states:
“The current use of cryptocurrencies by terrorists may represent the first drops of an impending storm of expanded use, which may cast doubt on the ability of the United States and its allies to undermine the economic resources that will enable terrorist organizations to successfully carry out their deadly operations missions or expand their influence.”
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DoJs framework for enforcing cryptocurrency
The report was released shortly after the Ministry of Justice and the Commodity Futures Trading Commission announced criminal charges and civil lawsuits against managers and organizations associated with BitMEX, a well-known trading platform for cryptocurrency futures and other cryptocurrency derivatives that have not been registered with CFTC as a future commission. . Negotiates and takes appropriate measures to combat money laundering.
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The report of the cryptocurrency enforcement mechanism is the second of its kind to be published by the Attorney General’s Digital Electronic Technology Task Force, which was created in February 2018. It provides policy formulation of the Ministry of Justice in a number of critical areas, including cybersecurity, data transmission and protection via Frontiers, new technologies, cryptocurrencies and cryptocurrencies. It serves as a guide to shaping the future vision of US governments and regulators regarding cryptocurrencies, and it describes different ways of misusing cryptocurrency. The report signals a shift in the Justice Department’s view as it recognizes more legitimate uses of digital legitimacy – in contrast to the ministry’s previous perception of cryptocurrency as a red flag for money laundering and crime. Instead, the report recognizes cryptocurrency as a legitimate trading tool with law enforcement concerns, just like all other exchanges.
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The report is divided into three parts: an overview of the cryptocurrency industry and its illegal use; Laws and regulations governing space; Current enforcement problems and potential strategies to address them.
In the first part of the report, the Department of Justice describes the legal and illegal use of cryptocurrencies and is considering the emergence of the “next stage of the Internet,” known as Web 3.0, which will give users more control over the protection of their digital money. Information, transactions and identity of companies and agencies.
In the second part of the report, the Ministry of Justice describes the laws and regulations governing the use of cryptocurrency.