REUTERS/Florence Lo
The UK's financial regulator is looking to hire a contractor that will teach its staff how to spot money-laundering and financing of terrorism through cryptocurrencies.
A public notification states that the Financial Conduct Authority will pay a third-party firm for its services under a £500,000 contract.
The agency said that the contractor should provide access to a platform that can support the robust and efficient analysis of the data.
The US Department of Justice posted a statement last week saying that the UK and the US will work more closely together to fight terrorism.
The US Department of Justice said that both the deputy attorney general and the home secretary agreed to intensify the focus on the use of cryptocurrencies and the threat of emerging threats to national security.
A 28-year-old sales consultant in Britain was sentenced to 12 years in prison in September after being convicted of using the virtual currency to fund the Islamic State terror group in Syria.
A large number of cryptocurrencies firms weren't meeting required anti-money laundering standards, leaving them to fall short in protecting against crime.
Business Insider has an original article.
