The Risks of Digital Assets and Illicit Finance

🔍The greatest risk is terrorists and drug traffickers using cryptocurrencies to move money through the informal system.

💰Cryptocurrencies provide a faster and easier route for these groups to access funds.

🌍International cooperation is key to holding Russia accountable and reducing its revenues and military capabilities.

💊China's cooperation is crucial in preventing the sale of fentanyl precursors to the United States.

🤝Building an international coalition is necessary to combat illicit finance and disrupt criminal networks.

What are the risks of terrorists and drug traffickers using cryptocurrencies?

—The risks include faster and easier access to funds and the ability to move money through the informal system.

Why is international cooperation important in holding Russia accountable?

—International cooperation helps in reducing Russia's revenues and military capabilities.

How can China help in preventing the sale of fentanyl precursors?

—China's cooperation is crucial in ensuring that precursors don't end up in the United States.

What is the key to combating illicit finance and disrupting criminal networks?

—Building an international coalition is crucial in tackling illicit finance and disrupting criminal networks.

What is the deputy secretary's main concern regarding digital assets?

—The deputy secretary highlights the gaps in the illicit finance framework around digital assets.

00:01The deputy secretary emphasizes the risks of digital assets and illicit finance.

00:10Terrorists and drug traffickers are using cryptocurrencies to move money through the informal system.

00:22Cryptocurrencies provide a faster and easier route for these groups to access funds.

03:13International cooperation is key to holding Russia accountable and reducing its revenues and military capabilities.

04:31China's cooperation is crucial in preventing the sale of fentanyl precursors to the United States.

05:40Building an international coalition is necessary to combat illicit finance and disrupt criminal networks.