OFAC Adds Tren De Aragua as Designated Entity for Various Crimes, Including Crypto Money Laundering

The Office of Foreign Assets Control (OFAC) is strengthening its grip on criminal organizations harnessing cryptocurrency for their crimes.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Tren de Aragua (Aragua’s Train), a criminal gang with origins in Venezuela, for engaging in various illicit activities across the South American continent. According to OFAC, the organization has been using cryptocurrency to some extent to launder the proceeds of its crimes.

OFAC Adds Tren De Aragua as Designated Entity for Various Crimes, Including Crypto Money Laundering. The Office of Foreign Assets Control (OFAC) is keeping a closer eye on criminal organizations that use cryptocurrency in their operations. Tren de Aragua (Aragua’s Train), a multinational criminal gang with Venezuelan origins, has been recently added to the Specially Designated Nationals (SDN) List for its criminal actions across the South American continent.

The organization has been engaged in several criminal activities, mainly targeting desperate migrants who abandon Venezuela and try to reach other nations on the continent, the U.S. Department of the Treasury stated. Illegal mining, kidnapping, human trafficking, extortion, and the trafficking of illicit drugs like cocaine and MDMA are among the crimes attributed to Tren de Aragua’s operation across the continent, the department added.

In its press release, OFAC said that Tren de Aragua “infiltrated local criminal economies in South America, established transnational financial operations, and laundered funds through cryptocurrency,” without specifying the methods or channels used for this purpose.

The links between Tren de Aragua and cryptocurrency are not new. In September, when the Venezuelan government executed a massive raid on the Tocoron penitentiary center, a stronghold of the organization, a bitcoin mining farm with an undisclosed number of miners was discovered at the complex.

“We will deploy all tools and authorities against organizations like Tren de Aragua that prey on vulnerable populations to generate revenue, engage in a range of criminal activities across borders, and abuse the U.S. financial system,” Under Secretary for Terrorism and Financial Intelligence Brian Nelson highlighted.

To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam Insights newsletter below.

Latam Insights Newsletter Get the newsletter directly to your inbox What do you think about OFAC’s designation of Tren de Aragua and its links with cryptocurrency? Tell us in the comments section below.

Bitcoin.com News is seeking a News Writer to produce daily content on cryptocurrency, blockchain, and the digital currency ecosystem. If you are interested in becoming a key member of our innovative global team, apply here.

The above is the detailed content of OFAC Adds Tren De Aragua as Designated Entity for Various Crimes, Including Crypto Money Laundering. For more information, please follow other related articles on the PHP Chinese website!