MSN - AP World http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a MSN - AP World Copyright © 2010-2018 The Canadian Press. All rights reserved. http://www.rssboard.org/rss-specification Sat, 21 Sep 2019 16:43:41 +0000 US: Facebook currency plan ripe for illicit use http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a/db202299dd704173ad7adc39b0951dce Treasury Secretary Steven Mnuchin says the Trump administration has concerns that the new digital currency planned by Facebook could be used for illicit activity such as money laundering, human trafficking and financing terrorism. (July 15) db202299dd704173ad7adc39b0951dce Mon, 15 Jul 2019 20:13:11 +0000 RESTRICTION SUMMARY: AP CLIENTS ONLY SHOTLIST: ASSOCIATED PRESS - AP CLIENTS ONLYWashington - 15 July 20191. SOUNDBITE (English) Steven Mnuchin, US Treasury Secretary"Last month the Libra Association a consortium of 28 businesses including a Facebook subsidiary announced that it is developing a crypto currency called The Libra. The Treasury Department has expressed very serious concerns that Libra could be misused by money launderers and terrorist financier."++SOUNDBITES SEPARATED BY WHITE FLASH++2. SOUNDBITE (English) Steven Mnuchin, US Treasury Secretary"Treasury has been very clear to Facebook, Bitcoin users and other providers of digital financial services that they must implement the same anti-money laundering and countering financing of terrorism as traditional financial institutions." ++SOUNDBITE PARTIALLY COVERED++3. Cutaway of Mnuchin 4. SOUNDBITE (English) Steven Mnuchin, US Treasury Secretary"FinCEN's mission is to safeguard the financial system from illicit use, combat money laundering and promote national security through the dissemination of financial intelligence." ++SOUNDBITES SEPARATED BY WHITE FLASH++5. SOUNDBITE (English) Steven Mnuchin, US Treasury Secretary"We obviously have concerns with the privacy issues. There has been items in the press about potential settlements. I'm not going to comment on that but obviously the regulators, and one of the regulators as I've said most people haven't heard of FinCEN and so one of the reasons I wanted to explain this is whether there are banks or whether they're non bags they're under the same regulatory environment for a fence. And we will hold them accountable and they're going to have to convince us of very high standards before they have access to the U.S. financial system." STORYLINE: Treasury Secretary Steven Mnuchin says the Trump administration has concerns that the new digital currency planned by Facebook could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Mnuchin told reporters Monday at the White House: "This is indeed a national security issue." His comments came a few days after President Donald Trump tweeted that Libra (LEE'-bruh), the currency proposed by the social network giant, "will have little standing or dependability." Mnuchin says Facebook is "going to have to convince us of very high standards before they have access to the U.S. financial system." His remarks came a day before Congress begins hearings on Facebook's Libra plan. The head of the Federal Reserve also raised an alarm about the plan last week. =========================================================== Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. Treasury Secretary Steven Mnuchin says the Trump administration has concerns that the new digital currency planned by Facebook could be used for illicit activity such as money laundering, human trafficking and financing terrorism. (July 15) US: Facebook currency plan ripe for illicit use