The United States House Financial Services Subcommittee on Terrorism and Illicit Finance has concluded in their September 7th meeting that fiat money is still the preferred option of terrorists.
Yaya Fanusie of the Foundation for Defense of Democracies (FDD) has asserted that virtual currency is unproductive in places where majority of terrorists are located. He also claims that for these groups fiat is the most nondescript form of funding and that paper money is still their ideal instrument for trade.
Most of the leading digital currency exchanges have upgraded their KYC and anti-money laundering procedures. With this in mind, Fanusie proposes that authorities must put their effort towards monitoring minor cryptocurrency exchanges.
With the continuing evolution of the menace of terrorism, Fanusie urges the US government to proactively anticipate the need to be even more capable in examining cryptocurrency transactions. And at the same time, the authorities ought to restrain the likelihood of cryptocurrency markets being used as a haven for illegal funds.
The subcommittee meeting’s outcome expresses that attempts to crush the financing of terrorism is the central pillar in opposing it in all its activities. Law enforcement and fiscal institutions, together with regulators must always be on guard against these types of threats.