Daniel P. Stipano quoted in ACAMS article, “Treasury issues four risk reports, including first-ever on proliferation finance”
ACAMSDaniel P. Stipano
Daniel P. Stipano was quoted on December 20, 2018 in an ACAMS article, “Treasury issues four risk reports, including first-ever on proliferation finance,” which discussed the series of four risk assessment reports from the Treasury department and the conclusion from these reports that increased compliance controls at some financial institutions has prompted drug traffickers to move towards trade-based money laundering. The article stated, “Use of virtual currencies by online drug consumers and money launderers seeking to layer their proceeds continues to grow. IRS is also seeing a rise in cryptocurrencies other than Bitcoin that are designed to ensure additional anonymity, while HSI expects use of cryptocurrencies in general to grow more popular with time. Despite that, the current risk from the digital currency industry remains limited, according to the report.
Stipano noted, “The amount of attention given to cryptocurrency in the report suggests that more investigative resources will be allocated to the area. But the impact on financial institutions remains to be seen. Besides communicating information, it would also appear that the issuance of the Strategy along with the three risk assessments is meant to provide guidance and direction to other government agencies and financial institutions on areas that they should focus on.”