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A new report by the Department of Justice has called upon the global community to work together in dealing with how criminals use digital assets. The DoJ has suggested that it will also equip foreign nations with the capacity to create the infrastructure needed to fight crypto crimes.

DoJ calls for global cooperation

The recommendations given by the DoJ will focus on a wide range of issues, such as fighting cybercrime and sharing robust information that will help deal with these issues. The DoJ is also calling for standard global regulations.

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The DoJ submitted a response to the Executive Order signed by US President Joe Biden in March 2022. The recent report released by the DoJ is titled “How to Strengthen International Law Enforcement Cooperation for Detecting, Investigating, and Prosecuting Criminal Activity Related To Digital Assets.

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The report was released through a partnership with different federal agencies, including the Treasury Department, the Department of Homeland Security, the State Department, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).

The report clarifies that the United States “supports the responsible use and development of digital assets.” However, it added that the anonymous nature of cryptocurrency transactions made them prone to use in illicit activities like money laundering, terrorism financing, fraud, and evading sanctions.

Criminals were also taking advantage of the fact that cryptocurrencies remained largely unregulated. The uneven and sometimes lack of regulation in the crypto space “allows criminals to expose the US and international financial systems to risk from jurisdictions where regulatory standards and enforcement are less robust.”

The report further says that the act of criminals participating in “jurisdictional arbitrage” was why it was difficult for law enforcement agencies to monitor the sector. The department has also urged the global community to work together to deal with the use of crypto for illegal activities.

Another recommendation by the DoJ includes fostering cross-border cooperation to assist countries in creating the infrastructure needed to “conduct the type of complex and highly specialized investigations required in this area.”

Binance accused of illicit dealings

The report comes shortly after a Reuters report claimed that the world’s largest exchange by trading volumes, Binance, was facilitating illegal transactions made by North Korean hackers, drug dealing groups in Russia and organized crime groups in the West. The Reuters publication said that Binance had processed over $2.35B worth of illegal transactions since 2018.

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