Lawmakers seek to close loophole limiting Secret Service investigations into cyber laundering

Summary: Two U.S. senators have reintroduced a bill aimed at empowering the Secret Service to combat money laundering linked to cybercrime. The Combatting Money Laundering in Cyber Crime Act seeks to lift jurisdictional restrictions, allowing the agency to investigate unlicensed money transmitting businesses effectively. This legislation comes in response to the increasing sophistication of cybercrime, particularly in light of recent high-profile money laundering cases involving digital assets.

Affected: U.S. Secret Service, Treasury Department, DOJ, law enforcement agencies

Keypoints :

• Senators Cortez Masto and Grassley reintroduced the Combatting Money Laundering in Cyber Crime Act.
• The bill seeks to authorize the Secret Service to investigate operations of unlicensed money transmitting businesses.
• The legislation is a response to the evolving tactics of cybercriminals, as highlighted by a recent case involving North Korean hackers.