'It's really getting out of control at this point and a lot of companies are being impacted by it,' says David Kennedy, former NSA hacker. He discusses the increase of cyberattacks on larger companies.
The official said major parts of the directive will be focused on financial crimes, including steps to modernize existing anti-corruption laws to confront cryptocurrencies and cybercrime.
The official also said the effort would likely involve updates to the Bank Secrecy Act, the primary means by which law enforcement can track how money moves through financial institutions. According to the memo, the federal government will also "robustly" implement new rules established in January that require American companies to report their beneficial owner or owners to the Treasury Department. This is part of an effort aimed at "reducing offshore financial secrecy; improving information sharing; and, as necessary, identifying the need for new reforms."
This is a thinly veiled reference to efforts by Russia, Iran and other adversaries in recent years toin order to fund disinformation campaigns and influence U.S. elections.
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