The U.S. Treasury Division is stepping up its give attention to unlawful cryptocurrency-related actions. Just lately, Treasury introduced that its monetary intelligence and enforcement companies are gathering and analyzing Bitcoin addresses. These addresses are related to a number of “Chinese kingpins” allegedly concerned in “fueling America’s deadly opioid crisis.”

OFAC Provides BTC Addresses to the Specifically Designated Nationals checklist

On August 21, 2019, Treasury’s Workplace of International Property Management (OFAC) and Treasury’s Monetary Crimes Enforcement Community (FinCEN) introduced their coordinated actions to step up “financial pressure upon those who manufacture, sell, or distribute synthetic opioids or their precursor chemicals.”

These actions are parts of investigations being carried out “to confront the deadly synthetic opioid crisis plaguing America.” In accordance with OFAC, beneath these investigations are the next “Chinese drug kingpins,”

– Fujing Zheng (Zheng) and the Zheng Drug Trafficking Group (DTO).
– Guanghua Zheng
– Qinsheng Pharmaceutical Co. Ltd.
– Xiaobing Yan (Yan)

On this connection, on August 21, 2019, OFAC introduced it had added 11 Bitcoin addresses and one Litecoin deal with to the Specifically Designated Nationals (SDNs) checklist. Subsequently, no U.S. particular person can execute any transaction involving these addresses.

The SDNs checklist contains focused people and firms. Their belongings are blocked. And it’s unlawful for U.S. individuals to cope with them.

FinCEN: Chinese language Kingpins Use Bitcoin To Bypass Forex Controls

On the announcement, Sigal Mandelker, Beneath Secretary for Terrorism and Monetary Intelligence, acknowledged,

“The Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses, and death in the United States.”

In accordance with U.S. officers, the Zheng DTO used Bitcoin to launder a part of its drug proceeds and to bypass forex controls and reporting necessities.

Furthermore, authorities identified that each Zheng and Yan are Bitcoin customers. Subsequently, “OFAC is also identifying Bitcoin addresses associated with these two drug traffickers to maximize disruption of their financial dealings.”

FinCEN Director Kenneth A. Blanco indicated that, via the Financial institution Secrecy Act, FinCEN is gathering, analyzing, and disseminating information, which supplies perception into the monetary networks utilized by people “fueling America’s deadly opioid crisis.” And he identified,

“We are making the financial sector aware of tactics and typologies behind illicit schemes to launder the proceeds of these fatal drug sales, including transactions using digital currency and foreign bank accounts.”

How efficient do you suppose the U.S. Treasury Division’s investigations will probably be? Tell us within the feedback under!

Photos by way of Shutterstock, Twitter: @USTreasury

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