U.S. Lawmakers Introduce Bill to Crack Down on Terrorist Financing Through Crypto Platforms

Introduction

Several U.S. lawmakers have recently introduced a bipartisan bill aimed at combating terrorist organizations by imposing sanctions on foreign entities, including cryptocurrency platforms, that facilitate financial transactions for terrorists. The legislation not only seeks to crack down on these illicit activities but also aims to equip the Treasury Department with additional resources to address emerging threats related to digital assets.

Terrorist Financing Prevention Act

U.S. Senators Mark Warner (D-VA), Mike Rounds (R-SD), Jack Reed (D-RI), and Mitt Romney (R-UT) have jointly announced the introduction of a bipartisan legislation titled the Terrorist Financing Prevention Act of 2023. The primary objective of this bill is to curb the activities of terrorist organizations such as Hamas by imposing sanctions on foreign parties that facilitate financial transactions with terrorists.

The lawmakers explained that the current sanctions are only imposed in limited circumstances, primarily on Hezbollah, following the passage of the Hizballah International Financing Prevention Act in 2015. The Terrorism Financing Prevention Act seeks to expand these sanctions to cover all U.S.-designated Foreign Terrorist Organizations (FTOs), including Hamas, as well as other foreign parties that are controlled by or act on behalf of these FTOs.

Lawmakers' Comments

Senator Rounds emphasized that the Terrorism Financing Prevention Act takes necessary steps to combat terrorism by sanctioning foreign financial institutions and foreign digital asset companies that assist in these heinous acts. He believes that cutting off funding for terrorist organizations at the source will save lives.

Senator Reed expressed the importance of strengthening the Treasury Department's tools to protect national and economic security. He stated that with this bill, foreign financial institutions and foreign crypto firms will be forced to choose between doing business with terrorist organizations or maintaining access to the U.S. financial system.

Key Provisions of the Bill

The bill requires the U.S. Department of the Treasury to identify any foreign bank or foreign digital asset transaction facilitator that knowingly facilitates transactions with an FTO or related party. Once these actors are identified, the bill mandates the imposition of sanctions on them. For banks, this would restrict their use of U.S. correspondent bank accounts, while digital asset transaction facilitators would be barred from conducting transactions with U.S. persons.

The bill also incorporates a significant provision from the previously introduced Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act. This provision aims to provide the Financial Crimes Enforcement Network (FinCEN) with the necessary tools to address threats involving digital assets and non-traditional finance networks.

Senator Romney's Statement

Senator Romney highlighted the urgency and necessity to counter the role of cryptocurrency in financing terrorism, particularly in light of the recent attacks on Israel by Hamas on October 7. He emphasized that the proposed legislation would expand financial sanctions to cover all terrorist organizations, including Hamas, and provide the Treasury Department with additional resources to counter terrorism and address emerging threats involving digital assets.

Conclusion

The bipartisan bill introduced by U.S. lawmakers aims to strengthen efforts to combat terrorist financing by targeting foreign entities, including crypto platforms, that facilitate financial transactions for terrorists. By imposing sanctions and equipping the Treasury Department with additional resources, the legislation seeks to disrupt the funding of terrorist organizations and address emerging threats in the digital asset landscape.

Frequently Asked Questions

What precious metals may I allow in my IRA?

The most common precious metal used for IRA accounts is gold. Investments in gold bullion coins or bars can be made as well.

Precious metals, which don’t lose any value over time, are considered safe investments. Precious metals are also great for diversifying an investment portfolio.

Precious Metals include palladium, silver, and platinum. These three metals have similar properties. However, each one has its unique uses.

Platinum is used to make jewelry, for example. To create catalysts, palladium is used. It is used for producing coins.

Consider how much you plan to spend on gold when deciding on which precious metal to buy. You may be better buying gold that is less expensive per ounce.

It is also important to consider whether you would like to keep your investment confidential. If you do, you should choose palladium.

Palladium has a higher value than gold. However, it is also rarer. It is likely you will need to pay more.

Another important factor when choosing between gold and silver is their storage fees. You store gold by weight. The price for larger amounts will go up.

Silver is stored by volume. Silver is priced by volume. You will pay less to store smaller amounts.

You should follow all IRS rules if you plan to store precious metals in an IRA. This includes keeping records of transactions and reporting them back to the IRS.

Does a gold IRA earn interest?

It all depends upon how much money you invest. If you have $100,000 to spare, then yes. You will not be able to answer if your income is less than $100,000

How much money you place in an IRA will determine how it earns interest.

If you invest more than $100,000 each year in retirement savings, you may want to open a regular brokerage instead.

Although you’ll likely earn higher interest, there are greater risks. If the stock market crashes you don’t wish to lose your entire investment.

An IRA is better if you have $100,000 to invest per year. You can do this until the market grows again.

What Should Your IRA Include in Precious Metals?

Protect yourself against inflation by investing in precious metals like gold and silver. This is not only an investment for retirement, but it can also help you prepare for any economic downturn.

Although silver and gold prices have increased in recent years, they can still be considered safe investments as they don’t fluctuate nearly as much as stocks. These materials are in constant demand.

Gold and silver prices are usually stable and predictable. They tend to rise during economic growth and drop during recessions. This makes them excellent money-savers, and long-term investment options.

Precious metals should make up 10 percent of your portfolio. You can increase this percentage if you want further diversification.

Which precious metals are best to invest in retirement?

Knowing what you have saved so far and where you plan to save money in the future is the first step towards retirement planning. If you don’t know how much you currently have saved, start by taking an inventory of everything you own. This includes stocks, bonds and mutual funds, as well as certificates of deposit (CDs), life policies, annuities and 401(k), plans, real estate investments and other assets, such precious metals. Take all of these items and add them together to find how much you have left for investment.

If you are less than 59 1/2 years of age, you may be interested in opening a Roth IRA. A Roth IRA, on the other hand, allows you to subtract contributions from your taxable revenue. However, you will not be able take tax deductions on future earnings.

If you decide that you need more money you’ll need another investment account. Start with a regular brokerage account.

What Is a Precious Metal IRA?

Precious Metals are a great way to invest in retirement funds. They have held their value since biblical times. It is a great way of diversifying your portfolio and protecting against inflation by investing in precious metals like gold, silver, or platinum.

Certain countries permit citizens to hold their money in foreign currencies. You can purchase gold bars from Canada and keep them at your home. Then, when you travel to Canada, you can make the same gold bars and sell them for Canadian Dollars.

This is an easy way to invest precious metals. It’s particularly helpful for people who don’t reside in North America.

Should you open a Precious Metal IRA

Answers will depend on whether you have an investment goal or how high you are willing and able to tolerate risk.

If you plan to use the money for retirement, you should open an account now.

Because precious metals are highly likely to appreciate over time, They can also be used to diversify.

In addition, gold and silver prices tend to move together. They are therefore a better option for investing in both assets.

If you’re not planning on using your money for retirement or don’t want to take any risks, you probably shouldn’t invest in precious metal IRAs.

How much are gold IRA fees?

An individual retirement account’s average annual fee (IRA) costs $1,000. There are many types and types of IRAs. These include traditional, Roth or SEP-IRAs as well as SIMPLE IRAs. Each type comes with its own set rules and requirements. You may be required to pay taxes on earnings earned from investments that aren’t tax-deferred. The amount of time you intend to keep the money must be considered. If you plan on holding onto your funds for longer, you’ll likely save more money by opening a Traditional IRA rather than a Roth IRA.

A traditional IRA allows for contributions up to $5500 ($6,500 if older than 50). A Roth IRA allows for unlimited annual contributions. The difference between them? With a traditional IRA, the money can be withdrawn at your retirement without tax. With a Roth IRA, however, any withdrawals will be subject to taxes.

Statistics

Silver must be 99.9% pure • (forbes.com)
Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
The IRS also allows American Eagle coins, even though they do not meet gold’s 99.5% purity standard. (forbes.com)
SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)

External Links

How To

The Best Precious Metals Ira 2022: Things to Remember

Precious Metals Ira has become a popular choice for investors. This article will teach you what makes precious metals so attractive, and how to make informed decisions about investing in precious materials.

The key attraction of these assets lies in their long-term growth potential. Gold prices have been able to show remarkable returns over the past 200 years, according to historical data. Over the past 200+ years, gold prices rose from $20 to almost $1900 an ounce. The S&P 500 Index, however, grew by only around half of that amount.

In times of economic uncertainty, gold is often considered a safe haven. When the stock markets is down, people tend not to hold onto their stocks but rather move into the safety and security of gold. The safety of gold is also considered an insurance against inflation. Many economists believe in inflation. Accordingly, many economists believe that inflation will always be present. Therefore, physical gold can be considered a way for you to safeguard your savings from future price rises.

There are a few things you need to remember before purchasing precious metals like silver, gold or platinum. First, decide whether bullion bars are better than coins. Bullion bars can be bought in large quantities (like 100-ounces) and kept aside until required. The coins are smaller versions than bullion bars and can be used to purchase small quantities of bullion.

You should also consider where your precious metals will be stored. Some countries are safer than other. You might find it more sensible to store your precious materials overseas if you are a resident of the US. You might also want to consider why you would store them in Switzerland if they aren’t already.

The final decision is whether you want to either invest directly in precious or through “precious metallics exchange-traded fund” (ETFs). ETFs, which track the performance different commodities like gold, are financial instruments. These instruments can be used to expose you to precious metals without needing to own them.

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By: Kevin Helms
Title: U.S. Lawmakers Introduce Bill to Crack Down on Terrorist Financing Through Crypto Platforms
Sourced From: news.bitcoin.com/us-lawmakers-launch-bill-to-counter-terrorism-and-threats-involving-digital-assets/
Published Date: Sun, 10 Dec 2023 06:30:06 +0000