The U.S. House of Representatives passed a bill that tells FinCEN specialists will need to study blockchain technology as a tool in the fight against financial crime.
Here is the short text of the document:
“The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a study on […] whether AI, digital identity technologies, blockchain technologies, and other innovative technologies can be further leveraged to make FinCEN’s data analysis more efficient and effective.”
The draft law was registered in May 2019. Its author is Anthony Gonzalez, a member of the House Committee on Financial Services. Here’s what he tells about his bill:
“My bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists”.
An Executive Director of the Government Blockchain Association Gerard Daché fully supports this initiative. According to his words, the government often chases the “bad guys”, spending a lot of time, money and putting effort into old not working methods, while fraudsters are far ahead.
The Senate began to consider the bill on September 23 and referred it to the Banking Committee.