FinCEN issued an alert warning financial institutions to be wary of the risks associated with Hamas and virtual currencies

According to an October 20 announcement, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said that the militant group Hamas used “fundraising activities involving virtual currencies and fictitious charities, raising fiat currency and virtual currencies” to fund its activities. The government agency warned virtual asset service providers and others to “identify and report” suspicious transactions that may be linked to Hamas. Specifically, FinCEN cautioned financial institutions to be wary of engaging in transactions with customers in jurisdictions linked to Hamas, entities already on the Office of Foreign Assets Control's list of Specially Designated Nationals, and those soliciting cryptocurrency on social media Donation organization. The warning comes less than 24 hours after the government agency proposed designating cryptocurrency mixing as a “major area of ​​money laundering concern” related to terrorism.