FinCEN Issues Red Flags on Potential Sanctions Evasion Using Cryptocurrency – Regulation Bitcoin News - BitcoinEthereumNews.com
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency. FinCEN Warns About Sanctions Evasion The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.” Him Das, acting director of FinCEN, said: “It is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs.” He further noted: Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people. The notice explains that large-scale sanctions evasion using cryptocurrency by a government such as the Russian Federation is “not necessarily practicable.” However, the regulator noted that there may be transactions tied to crypto wallets or other crypto activities associated with sanctioned Russian, Belarusian, and other affiliated persons. In addition, FinCEN reminds financial institutions of the dangers posed by Russian-related ransomware campaigns. The red