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The UK will spend $667,000 to train staffers at the top finance regulator to identify crypto terrorist financing

Business Insider logo Business Insider 11/23/2021 insider@insider.com (Carla Mozée)
REUTERS/Florence Lo/Illustration/File Photo © REUTERS/Florence Lo/Illustration/File Photo REUTERS/Florence Lo/Illustration/File Photo
  • The UK's top financial watchdog is looking for a contractor to train staff on spotting the use of crypto in financing terrorism. 
  • The Financial Conduct Authority has a £500,000 ($667,0000) contract to hire the services of a third-party specialist. 
  • The UK and the US have agreed to step up cooperation over threats from cybercrime. 

The UK's financial regulator is looking to hire a contractor that will train its staff to spot risks of money laundering and financing of terrorism through crypto assets.

The Financial Conduct Authority will pay a third-party firm for its services under a £500,000 contract ($667,000), according to a public notification, with the call for a contractor to remain open until December 16. 

The contractor should "provide access to a platform that can support the robust and efficient analysis of cryptoasset blockchain data and provide training and ongoing support in the use of this platform," the agency said. 

The notification was posted last week as was a statement by the US Department of Justice saying the UK and the US will work more closely together to combat terrorism and cybercrime. 

"Both the Deputy Attorney General and the Home Secretary committed and agreed to heighten the focus on illicit use of cryptocurrency and ransomware, as well as to continue the dialogue about emerging threats to national security," said the US Department of Justice, referring to US Deputy Attorney General Lisa Monaco and UK Home Secretary Priti Patel. 

In one case related to cryptocurrency risks in terrorism, a 28-year-old sales consultant in Britain was reportedly sentenced to 12 years in prison in September after being convicted of using bitcoin to fund the Islamic State terror group in Syria

The FCA earlier this year said a significantly large number of cryptocurrency firms weren't not meeting required anti-money laundering standards, leaving them to fall short in protecting against crime. 

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