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TREASURY RELEASES 2023 DEFI ILLICIT FINANCE RISK ASSESSMENT

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April 6, 2023

WASHINGTON — Today the U.S. Department of the Treasury published the 2023 DeFi
Illicit Finance Risk Assessment, the first illicit finance risk assessment
conducted on decentralized finance (DeFi) in the world. The assessment considers
risks associated with what are commonly called DeFi services. While there is
currently no generally accepted definition of DeFi, the term broadly refers to
virtual asset protocols and services that purport to allow some form of
automated peer-to-peer transactions, often through use of self-executing code
known as “smart contracts” based on blockchain technology. This term is
frequently used loosely by the private sector, often for services that are not
functionally decentralized.

Actors like the Democratic People’s Republic of Korea (DPRK), cybercriminals,
ransomware attackers, thieves, and scammers are using DeFi services to transfer
and launder their illicit proceeds. They are able to exploit vulnerabilities,
including the fact that many DeFi services that have anti-money laundering and
countering the financing of terrorism (AML/CFT) obligations fail to implement
them.

“Risk assessments play a foundational role in promoting understanding of the
illicit finance risk environment and more effectively protecting the integrity
of the U.S. financial system,” said, Under Secretary of the Treasury for
Terrorism and Financial Intelligence Brian E. Nelson. “Our assessment finds that
illicit actors, including criminals, scammers, and North Korean cyber actors are
using DeFi services in the process of laundering illicit funds. Capturing the
potential benefits associated with DeFi services requires addressing these
risks. The private sector should use the findings of this assessment to inform
their own risk mitigation strategies and to take clear steps, in line with
AML/CFT regulations and sanctions obligations, to prevent illicit actors from
abusing DeFi services.”

The primary vulnerability that illicit actors exploit stems from non-compliance
by DeFi services with AML/CFT and sanctions obligations. DeFi services engaged
in covered activity under the Bank Secrecy Act have AML/CFT obligations
regardless of whether the services claim that they currently are or plan to be
decentralized. Other vulnerabilities include the potential for some DeFi
services to be out of scope for existing AML/CFT obligations, weak or
non-existent AML/CFT controls for DeFi services in other jurisdictions, and poor
cybersecurity controls by DeFi services, which enable the theft of funds.

While risk assessments are primarily designed to identify the scope of an issue,
the study also includes recommendations for U.S. government actions to mitigate
the illicit finance risks associated with DeFi services. These include:

 * strengthening U.S. AML/CFT regulatory supervision
 * considering additional guidance for the private sector on DeFi services’
   AML/CFT obligations
 * assessing enhancement to address any AML/CFT regulatory gaps related to DeFi
   services

The DeFi risk assessment builds upon Treasury’s other recent national risk
assessments and furthers the work outlined in Executive Order 14067 on “Ensuring
Responsible Development of Digital Assets.” It also includes a request for input
from the private sector to inform next steps; Treasury welcomes feedback about
the assessment.

Click here to read “Illicit Finance Risk Assessment of Decentralized Finance”.

###

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LATEST NEWS

April 6, 2023
Remarks by Assistant Secretary Elizabeth Rosenberg at the Center for Strategic
and International Studies
Microsoft to Pay Over $3.3M in Total Combined Civil Penalties to BIS and OFAC to
Resolve Alleged and Apparent Violations of U.S. Export Controls and Sanctions
Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce
Deficit by Hundreds of Billions
Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce
Deficit by Hundreds of Billions
Treasury Releases 2023 DeFi Illicit Finance Risk Assessment


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