Illicit crypto transactions are getting more attention from the government

Related: Why Switzerland is becoming a “crypto nation” with a flourishing ICO market: Expert take Furthermore, in a major milestone for the crypto industry, leading travel rule solutions nonprofit Travel Rule Information Sharing Alliance, or TRISA, from Ciphertrace and developer of the world’s first tracing tool for Monero, together with Sygna Bridge from CoolBitX announced their interoperability proof-of-concept, allowing crypto service providers from both platforms to meet the requirements as outlined by the travel rule. Until they are eventually caught by United States law enforcement, criminals prefer using cryptocurrency tumblers or cryptocurrency mixing services when paying for illicit goods and services that are transmitted with no oversight by governments or central banks, thereby obscuring the trail back to the fund’s original source.

Related: Illicit uses of cryptocurrency gaining attention around the world: Expert take Nearly a month after announcing the largest-ever seizure of cryptocurrency assets used by terrorist organizations in a multi-agency investigation conducted alongside the Federal Bureau of Investigations, Department of Homeland Security Investigations and Internal Revenue Service Criminal Investigation, the U.S. Department of Justice showcased the results of a five-year operation targeting Mexican drug cartels on Sept. 3. It should be noted that the IRS has a federal whistleblower law program for informants (including foreigners) who provide information that leads to the collection of taxes, whether from undisclosed fiat or cryptocurrency, and offering up to 30% of the resulting tax and penalty revenue.

Timeline of Monero