FinCEN’s Michele Korver aims to crack down on digital currency crime


A month ago, Michele Korver made history when he became the first-ever Chief Digital Currency Advisor for the Financial Crimes Enforcement Network (FinCEN). In a recent interview, she spoke about her new role, fighting digital currency crime and why Bitcoin is just another payment method that needs time to grow and evolve.

As CoinGeek reported, FinCEN hired Korver a month ago to design and improve their solutions to prevent and mitigate illicit financial practices and exploitation. She believes this role was necessary as FinCEN expands its team to match the increase in activity involving digital currencies.

In one interview with Law360, she described digital currencies as “just another means of transferring payment value that has developed over time, like all financial technology.”

She believes that, like any other financial technology, there will always be criminals looking to mine digital currencies.

“Government agencies charged with protecting our financial system and citizens can address these issues through appropriate regulations, as well as through civil and criminal law enforcement, where appropriate,” she said at the point. of sale.

Prior to joining FinCEN, Korver worked with the Department of Justice (DoJ) as a digital currency advisor for its criminal division. She also worked with the Treasury Department as an advisor and was among the US delegates to the Financial Action Task Force (FATF).

Focusing on the digital currency industry for years, she has seen several regulators and lawmakers attempt, with varying degrees of success, to regulate the industry. While it appears that calls to curb the industry have increased, she pointed out that since she started with the DoJ in 2017, “there has been a constant flow of these kinds of requests, suggestions and of proposals to fill the gaps. “

The digital currency industry has been linked to cybercrime in recent years, some like Senator Elizabeth warren calling on the government to crack down on this vice. However, according to Korver, digital currencies are in some cases even easier for authorities to trace.

“One of the benefits of crypto for those tasked with tracking money, so to speak, is that for cryptocurrency to operate on a transparent blockchain, there is a visible and immutable record in these blockchains. This allows us to efficiently trace transactions, ”she told the point of sale.

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