The US Treasury Department has stated in a new risk assessment on illicit finance that non-fungible tokens (NFTs) are “highly susceptible to fraud and scams, and are easily stolen.” This is the first time the department has included NFTs as a means of perpetrating fraud and other crimes.
The US Treasury Department said on Wednesday, “The report concludes that bad actors can use NFTs to launder proceeds from upstream crimes, often combining other methods to conceal the illicit origins of the proceeds.”
The US Treasury Department also determined that NFT platforms “lack appropriate controls” to combat money laundering and evade sanctions. Therefore, the department recommends further regulation of NFTs and their trading platforms.
Tags:
NFT
Money laundering
Fraud
Treasury Department
Source link:
https://www.coindesk.com/policy/2024/05/29/us-treasury-describes-nfts-as-highl…
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Original article link:
https://www.bitpush.news/articles/6816820
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