United States of America: Adopted Action Plan to Address Illicit Financing Risks of Digital Assets

On 16 September 2022, the US Treasury released the Action Plan to Address Illicit Financing Risks of Digital Assets, which, pursuant to the Section 7(c) of Executive Order 14067 on Responsible Digital Asset Development issued in March 2022, contributes to an interagency strategy for mitigating digital asset-related illicit financing and national security risks. The Action Plan describes existing digital asset-related risks and makes a number of recommendations to address them. These include increased monitoring of emergent risks, improving global anti-money laundering and terrorism financing laws, strengthening digital asset supervision, holding cybercriminals to account, and engaging with the private sector.