NFTs Should Fall Under Anti-Money Laundering Law, DOJ Says - Bloomberg Tax

NFTs Should Fall Under Anti-Money Laundering Law, DOJ Says – Bloomberg Tax

Attorney General Merrick Garland intends to broaden the Bank Secrecy Act to non-fungible symbols to prevent cash laundering.

In a record to President Joe Biden previously this month, the United States Justice Department cautioned that NFT gamers might be making use of the electronic possessions for immoral funding, by “self-laundering, a series in which lawbreakers buy an NFT with illegal funds and after that re-sell to a buyer that spends for it with tidy funds inapplicable to a previous criminal offense.”

Application of the act “commonly activates whether the negotiated thing certifies as ‘worth that alternatives to money,'” the record notes, while “NFT systems might take the sight that this interpretation does not put on their tasks– which they are