Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Chuck Grassley (R-Iowa) reintroduced their bipartisan legislation to help the Secret Service better detect and deter cybercrimes. The Combatting Money Laundering in Cyber Crime Act would update current law to authorize the Secret Service to investigate new forms of criminal activity involving digital assets.
“Dangerous criminals are constantly changing their tactics and using new technology to avoid detection,” said Senator Cortez Masto.“Our law enforcement agencies need to adapt to keep communities safe. I will continue to fight to pass this bipartisan legislation that would help the Secret Service more effectively combat cybercrime.”
“As money laundering schemes continue to evolve, so must our capacity to combat them,” said Senator Grassley. “By enhancing Secret Service’s authority to investigate criminal digital assets, our bill significantly improves law enforcement’s ability to effectively anticipate, identify and prevent cybercrime.”
The Treasury Department, the Department of Justice, and other national security and financial crime experts have warned that digital assets like cryptocurrencies are increasingly being used for money laundering, drug trafficking, ransomware attacks, theft and fraud schemes, terrorist financing, and other crimes. The Secret Service investigates a variety of cybercrimes that could pose a threat to our national security—however, these cybercrimes can be perpetrated through unlicensed money transmitting businesses outside of the Secret Service’s jurisdiction. The Combatting Money Laundering in Cyber Crime Act makes much-needed updates to U.S. law to ensure the Secret Service has full authority to investigate evolving forms of illicit finance, including countering cartels, defeating scam camps, addressing Chinese money laundering organizations, and combating North Korean theft of digital assets.
Senator Cortez Masto has consistently supported bipartisan measures to combat cybercrime. She joined a bipartisan effort asking the Biden Administration to crack down on illicit financing of international terrorism in response to reports that Hamas raised millions in crypto to fund its operations. She’s also cosponsored the Digital Asset Anti-Money Laundering Act, which would close loopholes in current law and bring cryptocurrency companies into greater compliance with the anti-money laundering and anti-terrorism frameworks that govern the traditional financial system. She has passed into law her bipartisan legislation to combat money laundering and terrorism by bolstering the Financial Crimes Enforcement Network (FinCEN) and ensuring it focuses on virtual currencies.
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