US TREASURY ADDS DIGITAL CURRENCY AS A WAY OF IDENTIFYING SANCTIONS TARGETS

On 29th November, the Wall Street Journal reported that the US Treasury has for the first time added digital currency identifiers to flag targets on its OFAC sanctions blacklist, as part of action against an Iranian hacking cell allegedly running a ransomware scheme.  OFAC put sanctions on 2 men it said had laundered the millions of dollars’ worth of bitcoin gained from the scheme.

https://www.wsj.com/articles/u-s-treasury-adds-digital-currency-to-means-of-identifying-sanctions-targets-1543446964?mod=searchresults&page=1&pos=4

OFAC has also published 2 new FAQ related to digital currencies –

https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_compliance.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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