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Mnuchin says Facebook must enact proper safeguards against illicit use, money laundering

FILE PHOTO: A man walks away from the U.S Treasury Department in Washington, U.S., August 6, 2018. REUTERS/Brian Snyder/File Photo GLOBAL BUSINESS WEEK AHEAD

U.S. Treasury Secretary Steve Mnuchin said on Monday that the Treasury department has serious concerns that Facebook Inc’s proposed LIBRA cryptocurrency could be misused for money laundering, adding to the growing regulatory skepticism of the company’s digital asset plans.

Secretary Mnuchin also said that the agency has warned Facebook that it must enact proper safeguards against illicit use such as money laundering.

“Treasury has been very clear to Facebook…and other providers of digital financial services that they must implement the same anti-money laundering safeguards in countering the financing of terrorism as traditional financial institutions,” Mnuchin said.

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