| Description |
1 online resource (ii, 78 pages) : color illustrations |
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text txt rdacontent |
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computer c rdamedia |
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online resource cr rdacarrier |
| Note |
"December 2021." |
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"GAO-22-105462." |
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"On February 7, 2022, two sentences of this report were omitted from the background section to remove inaccurate information. The first sentence identified specific retailers who accept virtual currency (page 9). The second sentence quantified the volume of payment transactions processed on average per day in 2020 by the Federal Reserve Banks’ Automated Clearing House (page 13)." |
| Bibliography |
Includes bibliographical references. |
| Contents |
Background. -- Virtual currency can be used in human and drug trafficking transactions, bu data collected by selected federal agencies may be incomplete. -- Selected federal agencies help counter the illicit use of virtual currency in human and drug trafficking, but face oversight and technology challenges. -- Conclusions. -- Recommendations for executive action. -- Agency comments. -- Appendices. |
| Summary |
Virtual currencies are an emerging payment method for transactions, such as retail purchases. Virtual currency's anonymizing features can attract criminals' use to avoid detection when paying for illicit activities, such as human and drug trafficking. Thus, policy makers, regulators, and law enforcement have identified virtual currency, human trafficking, and drug trafficking as priority areas of concern. This report examines (1) the use of virtual currency for human and drug trafficking and the extent to which U.S. agencies collect data on these topics; and (2) the extent to which U.S. agencies have taken steps to counter human and drug trafficking facilitated by virtual currency and challenges these agencies face. GAO made 2 recommendations in this public report, including that FinCEN and IRS review virtual currency kiosk registration requirements. |
| Note |
Description based on online resource, PDF version; title from cover (GAO, viewed on Nov. 29, 2022). |
| Subject |
Electronic funds transfers.
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Drug traffic -- United States -- Finance -- Prevention.
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Human trafficking -- United States -- Finance -- Prevention.
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Cryptocurrencies.
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Transferts électroniques de fonds.
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Cryptomonnaie.
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cryptocurrencies.
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Cryptocurrencies. (OCoLC)fst02003011
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Electronic funds transfers. (OCoLC)fst00907204
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United States. (OCoLC)fst01204155 https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq
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| Added Title |
Additional information could improve federal agency efforts to counter human and drug trafficking |
| Running Title |
GAO-22-105462 virtual currency and trafficking |
| Gpo Item No. |
0546-D (online) |
| Sudoc No. |
GA 1.13:GAO-22-105462 |
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