Report

Additional Information on Virtual Currencies Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking

Virtual currency is increasingly used illicitly to facilitate human and drug trafficking, according to GAO’s review of agency documentation and data and interviews with officials. For example, the number of suspicious activity reports filed with the Financial Crimes Enforcement Network (FinCEN) that involve virtual currency and drug trafficking increased fivefold (from 252 to almost 1,432) from calendar year 2017 to 2020. However, in a sensitive version of this report, GAO found that data from selected federal agencies on virtual currency use for human and drug trafficking may not be consistently captured.

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Report

Additional Information on Virtual Currencies Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking

Virtual currency is increasingly used illicitly to facilitate human and drug trafficking, according to GAO’s review of agency documentation and data and interviews with officials. For example, the number of suspicious activity reports filed with the Financial Crimes Enforcement Network (FinCEN) that involve virtual currency and drug trafficking increased fivefold (from 252 to almost 1,432) from calendar year 2017 to 2020. However, in a sensitive version of this report, GAO found that data from selected federal agencies on virtual currency use for human and drug trafficking may not be consistently captured.

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