U.S. Treasury Names Liberty Reserve a Money-Laundering Concern

The U.S. Treasury Department today named Liberty Reserve SA a financial institution of primary money-laundering concern, in what the department called the first use of certain authorities in the Patriot Act against a virtual currency provider.

“Liberty Reserve’s virtual currency has become a preferred method of payment on websites dedicated to the promotion and facilitation of illicit web-based activity, including identity fraud, credit-card theft, online scams and dissemination of computer malware,” according to the department’s statement released in Washington.

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