US Senators Push for Tougher Action on Crypto in Terrorism Financing

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Explore the Terrorism Financing Prevention Act by US Senators Romney, Warner, Rounds, and Reed. This legislation aims to bolster sanctions.

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By Ciaran Lyons 10 December 2023, 23:32 GMT+0000

Updated by Ciaran Lyons 10 December 2023, 23:32 GMT+0000 Join our Trading Community on Telegram Share on Twitter Share on Email Share on Linkedin

In Brief

Senators introduce Terrorism Financing Prevention Act targeting foreign entities aiding designated terrorist organizations,
Legislation addresses urgent need following October 7 Hamas attacks on Israel; emphasizes countering cryptocurrency in terrorism financing.
Bipartisan effort strengthens national security, imposes sanctions on financial institutions aiding terrorists, giving choice to maintain U.S. access.
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U.S. Senators Mitt Romney, Mark R. Warner, Mike Rounds, and Jack Reed have introduced the Terrorism Financing Prevention Act.
The bipartisan legislation aims to strengthen sanctions against foreign entities facilitating financial transactions with designated Foreign Terrorist Organizations (FTOs), including Hamas.
Previously, such sanctions were limited, primarily targeting Hezbollah after the passage of the Hizballah International Financing Prevention Act in 2015.
However, the new legislation expands these sanctions to cover all U.S.-designated FTOs, addressing the urgent need highlighted by the October 7 attacks on Israel carried out by Hamas.
Meanwhile, Senator Romney emphasized the necessity of countering cryptocurrency’s role in terrorism financing. He stated that the proposed legislation equips the Treasury Department with additional resources to tackle emerging threats related to digital assets.
The Terrorism Financing Prevention Act is designed to ensure that the Treasury Department has the tools required to enforce sanctions against terrorist groups like Hamas, according to Senator Warner.
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Senator Rounds underscored the importance of disrupting terrorist finance networks. He expressed confidence that the bill’s sanctions on foreign financial institutions and digital asset companies aiding terrorists would save lives.
The bipartisan nature of the legislation demonstrates a collective effort to strengthen national security.
Furthermore, Senator Reed emphasized the critical need to protect the integrity of the U.S. financial system. In particular, he notes emerging threats posed by terrorist organizations.
The statement further outlines presenting foreign financial institutions and crypto firms with a choice between doing business with terrorists or maintaining access to the U.S. financial system.
The Senators believe firms will not want to damage their reputation within the financial system.
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Ciaran Lyons READ FULL BIO Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. READ FULL BIO Sponsored Sponsored