US Launches $5M Pacific Program to Hunt Illicit Crypto Funds

Over $44 million was allocated to launch a cross-regional response to these criminal networks, securing the maritime Pacific domain, building enduring partnership effectiveness, and disrupting the flow of money managed by criminal networks in the area.

Nearly $18.2 million was destined to enhance the preparedness of Pacific nations, detect and thwart the money flows that support the operation of narcotic groups that operate in the Pacific area.

Of these, $5 million was destined for the Pacific Alliance for Combating Illicit Finance and Cybercrime (PACIFIC) program, which focuses on giving Pacific islands the tools to detect the use of digital assets in crime operations.

During PACIFIC, “U.S. federal agencies will train officers in cryptocurrency tracing, beneficial-ownership investigations, and digital forensics. They will also help update anti-money laundering and cybercrime laws consistent with Financial Action Task Force and Budapest Convention standards,” said the U.S. Department of State Office of the Spokesman.

Furthermore, PACIFIC will focus on updating the region’s anti-money laundering and cybercrime laws to be consistent with Financial Action Task Force (FATF) and Budapest Convention standards.

The Trump Administration’s actions are consistent with the focus put on targeting criminal organizations and cartels in Mexico, including the Sinaloa cartel, for using digital assets to launder money from the illegal sale of narcotics.

“PACIFIC protects the trusted digital economy that U.S. cloud and telecommunications programs are helping build across the region,” the office concluded.