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U.S. Establishes Financial Technology Task Force

September 28, 2018

 

There is now an official Independent Financial Technology Task Force in the U.S which will conduct research on terrorism in relationship to digital currencies, develop solutions and even provide rewards to individuals who provide information leading to convictions. The bill also includes the formation of a leadership and innovation program.

 

Act - “Financial Technology Protection Act”.

The bill outlines succinct duties for the group:

  • Independent research on terrorist and illicit use of new financial technologies

  • Legislative and regulatory proposals to improve counter-terrorist practies

  • Annual Congressional Report on the findings and determinations by the Task Force in the previous year and new legislative proposals

 

The Attorney General will establish a fund to pay a rewards of not more than $450,000, to any person who provides information leading to the conviction of an individual involved with terrorist use of digital currencies. Fines And Forfeitures made by the government may be used to pay rewards under this section related to such conviction. Subsequent value will be used to fund the FinTech Leadership in Innovation Program

 

FinTech Leadership in Innovation Program

 

The Secretary of the Treasury will outline grants for new programs to detect terrorist and illicit use of digital currencies. Eligible participants include academic institutions, companies, nonprofit institutions, individuals, and other government bodies. The group has set preferences for projects chosen to be funded:

  • technology that is nonproprietary or that is community commons-based

  • computer code that is developed and released on an open source basis

  • tools that are proactive (KYC/AML systems)

  • tools and incentives on decentralized platforms

 

Contrasting Government Research

 

This new group was formed despite recent research by the U.S. government showing little connection to cryptocurrencies and funding for international terrorism. The Subcommittee on Terrorism and Illicit Finance examined the methods used by major terror groups to source and make transactions. In May, the EU parliament released a similar report. Both governing bodies came to similar conclusions - U.S. Key Takeaways:

  • Threat of terrorism is always changing as the number of groups around the world threatening the United States increases.

  • Financing is a pillar to combate all forms of terrorist activity before major damage can occur.

  • This issue overall requires constant vigilance and adaptation by law enforcement, financial institutions, and regulators.

     

     

     

     

     

     

     

     

     

 

By: BGN Editorial Staff

 

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