In a joint statement with European Commission President Ursula von der Leyen, President Joe Biden announced deeper collaboration efforts to combat the illicit use of digital assets.

The two leaders announced a “transatlantic sprint” to share “financial intelligence” on the illicit use of cryptocurrency, which is part of a wider effort that includes steps to prevent Russia from using cryptocurrency to evade international sanctions.

There are growing concerns amount national and international leaders that Russia may use cryptocurrencies to circumvent the broad multilateral sanctions it faces from the U.S. and other countries in response to its invasion of Ukraine.

“Together, we intend to deepen our shared commitment to advance anti-money laundering and countering financing of terrorism (AML/CFT) for digital assets, consistent with the Financial Action Task Force (FATF) standards,” that statement notes.

This transatlantic sprint between United States and EU government officials may also include the input of digital asset service providers, if appropriate. The goal is to expedite and increase sharing of financial intelligence on the illicit use of digital assets.

“We will share best practices and coordinate capacity-building efforts to help other countries implement AML/CFT frameworks for digital assets,” the statement read. “We will [also] seek opportunities for joint actions against those who facilitate the misuse of digital assets for illicit activity.”

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Lisbeth Perez
Lisbeth Perez
Lisbeth Perez is a MeriTalk Senior Technology Reporter covering the intersection of government and technology.