The United States Department of Justice (DOJ) has recently announced the formation of a dedicated task force known as the National Cryptocurrency Enforcement Team (NCET). This team will be responsible for overseeing complex investigations and prosecutions related to criminal misuses of crypto-currency.
Deputy Attorney General Lisa Monaco made the announcement regarding the creation of NCET, emphasizing the importance of leveraging the Department’s expertise in cyber and money laundering to dismantle financial entities that facilitate criminal activities within crypto-currency platforms. Monaco stated that the DOJ is committed to rooting out abuse on these platforms to ensure user confidence in the system.
The focus of the NCET will be on investigating criminal acts committed by virtual currency exchanges, money laundering infrastructure actors, and services that engage in mixing and tumbling of funds. Additionally, the team will play a crucial role in tracing and recovering assets lost to fraud and extortion, including crypto-currency payments made to ransomware gangs.
Under the leadership of Assistant Attorney General Kenneth Polite Jr., NCET will provide training and guidance to federal prosecutors and law enforcement agencies on investigative and prosecutorial strategies. This includes assistance with search and seizure warrants, restraining orders, criminal and civil forfeiture allegations, and indictment processes.
Polite highlighted the Criminal Division’s established expertise in investigating and prosecuting the criminal misuse of crypto-currency and expressed confidence that the creation of NCET will further enhance the Department’s capabilities in addressing fraudulent activities involving crypto-currencies.
Team members of NCET will be drawn from the DOJ’s Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), the Computer Crime and Intellectual Property Section (CCIPS), as well as detailees from US Attorneys’ Offices nationwide. The DOJ is currently seeking an individual with experience in complex criminal investigations and prosecutions, as well as knowledge of crypto-currency technology and blockchain, to lead the NCET team.
The establishment of the National Cryptocurrency Enforcement Team reflects the DOJ’s commitment to combatting criminal activities within the crypto-currency space and reinforces its dedication to ensuring the integrity and security of these platforms.