DOJ set up Network of Federal Prosecutors to combat Crypto Crime
DOJ set up a Network of Federal Prosecutors to combat the Crypto Crime?threat posed to the American public by the unlawful use of the digital asset.
The nationwide Digital Asset Coordinator Network (DAC), was formed by the US Department of Justice (DOJ)?which consists of more than150 federal prosecutors from different departments, such as the US attorney’s office have joined.
According to the Justice Department, the launch of the new DAC Network is part of its efforts to fight against the growing threat to the American public due to illicit use of illicit digital assets, elaborated by the department’s National Cryptocurrency Enforcement Team (NCET). The DAC Network consists of more than 150 federal prosecutors from U.S. attorneys’ offices and across the department’s litigating components.
Crypto is being used for money laundering, sponsoring terrorism, and other illicit acts. In order to lessen the growing threat of criminal use of digital assets, the DOJ is actively pursuing the issue with prosecutors.
According to the DOJ, the DAC Network will be the main venue for prosecutors to receive and disseminate specialized training, technical know-how, and advice on the investigation and prosecution of digital asset offenses. They can investigate cases more quickly and make sure the threat of unlawful crypto usage is eliminated. Due to the lack of a third party, it is considerably more challenging to trace cryptocurrency transactions, making it challenging to prevent improper usage of the same.
The DOJ provided a list of these procedures, which include drafting search and seizure warrants, restraining orders, criminal and civil forfeiture actions, indictments, and other pleadings
Also, the DAC Network will serve as a source of information and discussion concerning defi decentralized finance, smart contracts, token-based platforms, and their criminal use. As part of the DAC Network, members will be taught about applying existing laws and authorities to digital assets and best practices for investigating crimes related to digital assets.
Additionally, the Justice Department claimed that the DAC Network will increase understanding of the specific international issues of the crypto ecosystem, including the advantages of utilizing foreign ties and the constraints of cross-border digital asset investigations.
Other additional initiatives to combat crypto crime :
It was in October last year that the Department of Justice established the National Cryptocurrency Enforcement Team, whose mission is to investigate and bring to justice those responsible for illegally using cryptocurrencies in any way, with a focus on offenses involving virtual currency exchanges, mixing, and tumbling services, and money laundering infrastructure operators. They provided services like trading, blending, and tumbling, and criminals fell within their purview. The DAC is therefore an addition to this group. They will all work together to thwart crimes using cryptocurrencies.es.
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