Senate Reviewing Bill Calling For Assessment Of Cryptocurrency Terror ThreatFebruary 12, 2018 5:21 pm
nterest in cryptocurrencies has drawn notice by a whole new lot of traders, causing an astronomical rise in new investments and interest in the currency from another quarter – the United States Congress, CCN reported.
The cryptos have raised interest of legislators because of the belief they have been used to finance illegal activities, the report said.
In fact, in May 2016, representatives Kathleen Rice (D-NY) and Derek Kilmer (D-WA) introduced HR2433, a bill seeking Department of Homeland Security coordination with other federal partners to conduct a threat assessment on virtual currencies, the report said.
Specifically, the bill called on the DHS Office of Intelligence and Analysis to examine “the threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism, including the provision of material support or resources to a foreign terrorist organization,” CCN reported.
Upon completion of its investigation, DHS would be expected to share its findings with other law enforcement bodies at the federal, state and local levels, the report said.
Islamic State militants are believed to have been using Bitcoin to fund its activities.
In one such case last year, a 27-year-old Pakistani-born U.S. resident named Zombie Shahnaz was stopped by authorities attempting to board a flight bound for Pakistan, CCN reported. She was subsequently charged with bank fraud, money laundering and conspiracy to commit money laundering, as it’s alleged she fraudulently obtained funds used to purchase Bitcoin and other cryptocurrencies online. Shahnaz was discovered to have made a number of strange wire transfers to vague entities and individuals located overseas.
The congressional legislation continues to be debated and studied, the report said.
– WN.com, Jack Durschlag