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| FILE PHOTO: A man walks away from the U.S Treasury Department in Washington, U.S., August 6, 2018. REUTERS/Brian Snyder/File Photo GLOBAL BUSINESS WEEK AHEAD |
U.S. Treasury Secretary Steve Mnuchin said on Monday that the Treasury department has serious concerns that Facebook Incโs proposed LIBRA cryptocurrency could be misused for money laundering, adding to the growing regulatory skepticism of the companyโs digital asset plans.
Secretary Mnuchin also said that the agency has warned Facebook that it must enact proper safeguards against illicit use such as money laundering.
โTreasury has been very clear to Facebookโฆand other providers of digital financial services that they must implement the same anti-money laundering safeguards in countering the financing of terrorism as traditional financial institutions,โ Mnuchin said.
