Washington, July 22 (IANS) The US Treasury’s financial intelligence unit has helped block nearly $2 billion in stolen proceeds linked to cyber-enabled fraud affecting more than 5,700 American individuals and businesses, its director told lawmakers.Andrea Gacki, director of the Financial Crimes Enforcement Network, or FinCEN, said the agency’s Rapid Response Programme works with US law enforcement and foreign partners to recover money sent overseas and return it to victims.“Since its incept…
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Washington, July 22 (IANS) US lawmakers pressed federal regulators to strengthen oversight of cryptocurrency ATMs after Americans lost $388 million to scams involving the machines last year.The issue emerged during a House Financial Services subcommittee hearing with Andrea Gacki, director of the Financial Crimes Enforcement Network, or FinCEN. Lawmakers said the machines had become a frequent payment channel for romance scams and schemes targeting elderly people.Democratic Representative Sean C…
Seoul, April 20 (IANS) South Korea and the United States have agreed on enhancing cooperation to fight money laundering activities in the Asia-Pacific region, Seoul’s financial regulator said on Monday.Earlier this week, Lee Hyung-ju, commissioner of the Korea Financial Intelligence Unit (KoFIU), met Andrea Gacki, director of the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, in Washington, according to the Financial Services Commission (FSC).The …