US authorities have announced the creation of a National Cryptocurrency Enforcement Team (NCET) to handle complex investigations of financial crimes related to cryptocurrency, including those committed by virtual currency exchanges, mixing and tumbling services. The team will also help recover the assets stolen by financial criminals through cryptocurrency-related frauds. The NCET will bring together experts from the US Department of Justice Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), Computer Crime and Intellectual Property Section (CCIPS) and US Attorneys’ Offices to carry out its investigations.
The NCET will develop expertise in cryptocurrency and blockchain technologies in all aspects of the industry. It will also serve as a support system for international, federal, state and regional law enforcement authorities who are investigating cryptocurrency-related financial crimes. Thus, the NCET will also provide support to the existing and future cases being handled by US Department of Justice Criminal Division and the US Attorneys’ Offices.
Besides investigating and prosecuting cryptocurrency cases, the NCET will develop strategic priorities for such cases and identify areas that need more attention in terms of investigation and prosecution. Additionally, the NCET will train federal prosecutors and law enforcement agencies in developing strategies to deal with cryptocurrency-related criminal cases. Furthermore, the team will help in the sharing of all relevant case-related information with law enforcement offices. It will also strive to develop working relationships with cryptocurrency experts in the private sector.
Source: US Department of Justice