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2019-01-31 00:50:00

US Lawmakers Pass Bill to Prevent 'Virtual Currencies' from Financing Drug, Sex Trafficking

 

The US House of Representatives recently passed a bill that “directs” the Government Accountability Office (GAO) to report on the use of cryptocurrencies and “online marketplaces in sex and drug trafficking.” Referred to as the Fight Illicit Networks and Detect (FIND) Trafficking Act of 2019 (H.R. 502), the bipartisan bill (passed 412-13 on January 28th) requires that the GAO study and prepare a detailed report on “how illicit proceeds are transferred into the US banking system” through the use of cryptocurrencies. The GAO must also determine whether “state and non-state actors” are “participating in such activity.”

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