Live: Congress vs. Facebook's Libra, Illicit Financing

Congressman Loudermilk voices his biggest concern, "Cryptocurrency is used for illicit financing, we know that, money laundering, terrorism financing, human trafficking. In fact, it is estimated that criminals used cryptocurrency to steal 1.7 Billion dollars from investors just last year and 56% of that happen here in the United States. The treasury secretary has said he is concerned that Libra will be used for these purposes. How can you assure us and the American people that this isn’t just going to be another illicit financing tool?” Marcus replies that he shares the congressman’s concerns, “...I don’t want the creation that we are working towards to be used for those types of purposes at all and we believe that with the appropriate controls, with the proper AML programs, the proper KYC on and off-ramps, that we will improve on the current system. There are a lot of illicit activities that are currently happening on our current financial system and I actually believe that with the combination of the right technology and the ability for law enforcement and regulators to also have a view into some of the movements that we will improve the efficacy of AML and counterterrorism funding programs.”

Author: Sofia Cabrera

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