PATRIOT Act Section 311 grants the US Treasury Department the authority to designate foreign financial institutions or jurisdictions as primary money laundering concerns. This designation allows the Treasury to impose special measures, including prohibitions on US financial institutions from doing business with the designated entity. It serves as a powerful tool to protect the US financial system from illicit finance originating abroad. The provision aims to disrupt money laundering networks globally.
Context
PATRIOT Act Section 311 has seen increasing application to entities operating within the digital asset space, particularly those perceived as facilitating illicit transactions. Discussions often revolve around its potential impact on privacy-enhancing cryptocurrencies and decentralized exchanges. The designation of certain crypto mixers or foreign virtual asset service providers under Section 311 sends a strong signal about US regulatory intent. This action underscores the US government’s commitment to extending anti-money laundering measures to the digital asset sector.
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