“‘Terrorists generally need ‘real’ currency, not virtual currency, to pay their expenses -– such as salaries, bribes, weapons, travel, and safe houses,’ David S. Cohen, the undersecretary for terrorism and financial intelligence. Cohen said that some virtual currency companies haven’t registered with Treasury’s Financial Crimes Enforcement Network, a requirement established in March 2013, and aren’t following record keeping and reporting requirements. The Treasury Department’s Bank Secrecy Act Advisory Group will include a member of the virtual-currency community to help make regulations ‘better informed and more effective,’ Cohen said, without saying who it will be.”
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