Letter From B. McGuire (Treasury) to Rep. E. Cleaver re: Cryptocurrencies (2019)

Date issued: Oct. 21 2019

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TURBOFAC Commentary (82 words)

Notes:


1) Compare with FAQ # 646, FAQ # 647 and Under Secretary Sigal Mandelker Remarks ABA/ABA Financial Crimes Enforcement Conference December 3, 2018. The statement concerning the relationship between OFAC sanctions and digital currencies is consistent with those other items. Here, Treasury says that "all virtual asset service providers participating in the Libra [digital currency] network must implement the same AML/CFT requirements as traditional financial institutions," and that this includes "compliance with respect to...Office of Foreign Assets Control (OFAC) sanctions."