President Joe Biden issues executive order "International Law Enforcement Report on Digital Assets"

The United States Department of Justice released a report on the enforcement of international law on digital assets. This is the first of about 12 reports mandated by President Joe Biden's executive order "guaranteed responsible digital asset development" on March 9.

The report, titled "Strengthening International Law Enforcement Cooperation from Detection to Investigation to Prosecution of Crime Related to Digital Assets," was co-written by the Department of State, the Department of Homeland Security, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.

The report analyzed that international organizations have different levels of ability to deal with criminal activities due to unique law enforcement challenges related to the nature of "digital asset transactions," such as anonymity and the ability to cross borders in almost real time. Among the criminal activities, money laundering, ransomware activities, cybercrime, fraud, theft, terrorist financing, and sanctions avoidance were listed.

In addition, poor money laundering/terrorist financing (AML/CFT) enforcement, limited legislative frameworks, and lack of expertise resulting from the evolution of threat environments also add to the challenges of effective multinational crime-fighting efforts.

The report stressed that information sharing is a key component of international enforcement efforts, but for success international efforts, effective information sharing is needed first among U.S. agencies, and that the government's overall approach increases law enforcement effectiveness. The United States has signed several agreements and organizations, such as the Financial Action Task Force (FATF) and the International Organization of Securities Commissions (IOSCO), to improve information sharing.

The report's recommendations generally view the same cooperation and information sharing as important. Specifically addressing the need for greater AML/CFT regulation, the report noted that criminal actors could use judicial arbitrage.

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