[BreachExchange] The UK will spend $667, 000 to train staffers at the top finance regulator to identify crypto terrorist financing

[Terrell Byrd]

https://markets.businessinsider.com/news/currencies/uk-fca-crypto-terrorist-financing-money-laundering-blockchain-2021-11

The UK's top financial watchdog is looking for a contractor to train staff
on spotting the use of crypto in financing terrorism.
The Financial Conduct Authority has a £500,000 ($667,0000) contract to hire
the services of a third-party specialist.
The UK and the US have agreed to step up cooperation over threats from
cybercrime.
The UK's financial regulator is looking to hire a contractor that will
train its staff to spot risks of money laundering and financing of
terrorism through crypto assets.
The Financial Conduct Authority will pay a third-party firm for its
services under a £500,000 contract ($667,000), according to a public
notification, with the call for a contractor to remain open until December
16.
The contractor should "provide access to a platform that can support the
robust and efficient analysis of cryptoasset blockchain data and provide
training and ongoing support in the use of this platform," the agency said.
The notification was posted last week as was a statement by the US
Department of Justice saying the UK and the US will work more closely
together to combat terrorism and cybercrime.

"Both the Deputy Attorney General and the Home Secretary committed and
agreed to heighten the focus on illicit use of cryptocurrency and
ransomware, as well as to continue the dialogue about emerging threats to
national security," said the US Department of Justice, referring to US
Deputy Attorney General Lisa Monaco and UK Home Secretary Priti Patel.
In one case related to cryptocurrency risks in terrorism, a 28-year-old
sales consultant in Britain was reportedly sentenced to 12 years in prison
in September after being convicted of using bitcoin to fund the Islamic
State terror group in Syria.
The FCA earlier this year said a significantly large number of
cryptocurrency firms weren't not meeting required anti-money laundering
standards, leaving them to fall short in protecting against crime.
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