U.S. Treasury publishes DeFi-focused illicit finance risk assessment
The U.S. Treasury Department on Thursday published its first illicit finance risk assessment report focused specifically on decentralized finance, or DeFi.
The 42-page report states that “actors like the Democratic People’s Republic of Korea (DPRK), cybercriminals, ransomware attackers, thieves, and scammers are using DeFi services to transfer and launder their illicit proceeds” and notably contends that DeFi services that would be subject to the Bank Secrecy Act “fail to comply with AML/CFT obligations, a vulnerability that illicit actors exploit.”
