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White House Advisory Says Virtual Currencies Used for Fentanyl Purchases
The White House issued two advisories on drug purchases in the United States today with specific references to cryptocurrencies. The advisories, addressed to both financial institutions and digital payment platforms, state that “convertible virtual currencies” (CVC), particularly bitcoin, bitcoin cash, ethereum, and monero, can be and have been used for illicit substance purchases on the clear, deep, and dark nets. The advisory defines CVC’s as virtual currencies easily liquidated into stable fiat currencies such as the dollar. Specifically noted is the drug fentanyl, a Schedule II controlled substance whose ... (full story)
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Advisory to Financial Institutions on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids
Transnational criminal organizations (TCOs), including Mexican, Chinese and other foreign fentanyl suppliers, and Internet purchasers located in the United States, engage in the trafficking of fentanyl, fentanyl analogues, and other synthetic opioids and the subsequent laundering of the proceeds from such illegal sales. This advisory should be shared with Chief Executive Officers, Chief Operations Officers, Chief Risk Officers, Legal Departments, Chief Compliance/BSA Officers, AML Officials, Sanctions Compliance Officials, and Cybersecurity Units. The Financial Crimes Enforcement Network (FinCEN) is issuing this ... (full story)
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