A new anti-money laundering bill aimed at strengthening control over activities related to digital currency "The Law on Combating Money Laundering, Financing of Terrorism and Counterfeiting of 2017" was filed last week by Senator Chuck Grassley from Iowa and Senator Diane Feinstein (Diane Feinstein) from California.
It contains additions to the definition of "financial institutions", which, if passed the bill, can carry out "any exchange or mixing of digital currencies". In addition, the bill clarifies that all "issuers, buyers or sellers of digital currency" also fall under its effect.
Despite the fact that the bill does not clearly define crypto-currencies, it approximates bitcoin and other digital currencies to the definition of a "monetary instrument" in accordance with the US anti-money laundering statute, since it is aimed at "funds stored in a digital format" According to a summary published by Grassley's office.
In addition to the regulatory adjustment, the bill requests information from the Customs and Border Guard Service of the US Department of Homeland Security about the policy on digital currencies.
In particular, he calls for "a detailed description of the detection strategy for devices with an advance payment of access and digital currency at border crossings and points of arrival." The report should be submitted in 1.5 years after the passage of the bill and contain information about which strategy will be implemented.