According to the U.S. Department of the Treasure’ statement, Sigal Mandelker, the Under Secretary, told the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conference that terrorists and others use cryptocurrencies to "exploit the financial system”.
Sigal Mandelker stated that there is a lack of international regulation of cryptocurrencies.
The lack of AML/CFT regulation of virtual currency providers worldwide greatly exacerbates virtual currencies' illicit financing risks. Currently, we are one of the only major countries in the world, along with Japan and Australia, that regulate these activities for AML/CFT purposes. But we need many more countries to follow suit and have made this a priority in our international outreach.
Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence
She went on telling about cybercriminals, computer hacking and ransomware, fraud, identity theft, tax refund schemes, public corruption and drug trafficking.
Sigal Mandelker encouraged regulators to "supercharge" their efforts to prevent financial crime and protect national security. She believes that companies must take measures in order to prevent money laundering.