# Crypto tumblers, exchanges under microscope as DOJ launches new task force

The White House, under the Biden-Harris administration, introduced a five-pillar strategy to counter corruption as a part of the core United States national security interest. The strategy involves establishing a new task force to address potential illicit activities on crypto exchanges and other services that can serve as avenues for money laundering.

With the motive to enhance enforcement of Anti-Money Laundering (AML) regulations, as well as criminal and civil laws, the Federal government plans to implement new tools for investigating and prosecuting money laundering offenses. Specifically for cryptocurrencies, “PILLAR THREE: Holding Corrupt Actors Accountable” highlights:

“DOJ [Deparment of Justice] will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency.”

The White House mentioned that the National Cryptocurrency Enforcement Team would be particularly responsible for overseeing “crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”

The DOJ has also expanded subpoena power for certain financial records maintained abroad while imposing new disclosure requirements for beneficial ownership information. The department also plans to incentivize whistleblowers for sharing information that leads to the identification and seizure of illicit proceeds.

Related: House committee announces crypto CEOs will testify at Dec. 8 hearing on digital assets

Running parallel to the White House’s latest initiative, Representative Maxine Waters, the Chair of the House Committee on Financial Services, has invited CEOs of eight major crypto companies to discuss digital assets and the future of finance, to be held on Dec. 8.

As Cointelegraph reported, the CEOs of Circle, FTX, Bitfury, Paxos, Stellar Development Foundation, Coinbase and Coinbase Global CFO will be attending the committee hearing.

Looking forward to hearing next week with @RepMaxineWaters, ranking member @PatrickMcHenry, and the full committee (@FSCDems) to discuss Crypto and national economic competitiveness for the United States. https://t.co/rVHAvaPMUd

— Jeremy Allaire (@jerallaire) December 1, 2021