Crypto & crime: Crimes related to cryptocurrencies amounted to ₹953.70 crore; FM tells parliament
On Monday Union finance minister Nirmala Sitharaman tells the Parliament that crimes related to cryptocurrencies amounted to Rs 953.70 crore so far. In a query by Dravida Munnetra Kazhagam (DMK) MP Velusamy P, Sitharaman said the financial action force task (FATF) has made several amendments to mitigate the growing use of virtual assets for money laundering and terrorist financing.
The DMK MP had lifted concerns about the growing use of criminal activities using virtual assets, asking how the government was detecting and monitoring such activities.
“RBI has been cautioning users, holders and traders of Virtual Currencies (VCs) vide public notices from 2013, that dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security related risks,” replied Sitharaman.
“RBI has also advised its regulated entities to continue to carry out customer due diligence processes for transactions in VCs, in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), obligations under Prevention of Money Laundering Act (PMLA), 2002, etc,” added Sitharaman.
“Enforcement Directorate is investigating several cases under the provisions of PMLA and foreign exchange management act, 1999 (FEMA) related to cryptocurrencies,” the finance minister added.
