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Experts tell subcommittee illicit finance and cryptocurrency complicate sanctions; call for allied cooperation
Summary
Witnesses said Treasury and State must coordinate to stem terrorist financing, urged crypto actors to cooperate with investigators, and highlighted the importance of allied financial systems in enforcing sanctions.
Witnesses and members discussed how terrorist groups adapt financing methods, including use of cryptocurrency, and how State and Treasury coordinate to disrupt those networks.
Why it matters: disrupting illicit finance is central to degrading terrorist capabilities; the rise of cryptocurrency and alternate payment mechanisms could undermine traditional sanctions and requires multinational…
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