Introduction
Several U.S. lawmakers have come together to introduce a bipartisan bill aimed at combating terrorism financing by imposing sanctions on foreign entities, including cryptocurrency platforms, that facilitate financial transactions for terrorists. The legislation also seeks to provide additional resources to the Treasury Department to address emerging threats related to digital assets.
Terrorism Financing Prevention Act
U.S. Senators Mark Warner (D-VA), Mike Rounds (R-SD), Jack Reed (D-RI), and Mitt Romney (R-UT) recently announced the introduction of the Terrorist Financing Prevention Act of 2023. This legislation aims to crack down on terrorist organizations like Hamas by imposing sanctions on foreign parties involved in financial transactions with terrorists.
The senators explain that current sanctions are only imposed in limited circumstances, primarily on Hezbollah, following the passage of the Hizballah International Financing Prevention Act in 2015. The proposed Terrorism Financing Prevention Act will expand the scope of these sanctions to cover all U.S.-designated Foreign Terrorist Organizations (FTOs), including Hamas, and other foreign parties controlled by or acting on behalf of these FTOs.
Objective and Impact
Senator Rounds emphasizes that the Terrorism Financing Prevention Act takes necessary steps to combat terrorism by sanctioning foreign financial institutions and digital asset companies that assist in these heinous acts. Cutting off funding for terrorist organizations at the source is crucial for saving lives.
Senator Reed highlights the importance of strengthening the Treasury Department's tools to protect national and economic security. The bill aims to force foreign financial institutions and crypto firms to make a choice between doing business with terrorist organizations or maintaining access to the U.S. financial system.
Key Provisions of the Bill
The bill requires the U.S. Department of the Treasury to identify any foreign bank or digital asset transaction facilitator that knowingly facilitates transactions with an FTO or related party. Once identified, the bill mandates the imposition of sanctions, either restricting their use of U.S. correspondent bank accounts (for banks) or barring their digital asset or other transactions with U.S. persons (for digital asset transaction facilitators).
Additionally, the bill incorporates a significant provision from the Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act, previously introduced by the senators. This provision aims to provide the Financial Crimes Enforcement Network (FinCEN) with the necessary tools to address threats involving digital assets and non-traditional finance networks.
Addressing Urgency
Senator Romney highlights the urgency and necessity of countering the role of cryptocurrency in the financing of terrorism, particularly in light of the recent attacks on Israel by Hamas on October 7. The new legislation seeks to expand financial sanctions to cover all terrorist organizations, including Hamas. It also aims to equip the Treasury Department with additional resources to combat terrorism and address emerging threats related to digital assets.
In conclusion, the new bipartisan bill, known as the Terrorist Financing Prevention Act, strives to crack down on terrorism financing by imposing sanctions on foreign entities, including crypto platforms, that facilitate financial transactions for terrorists. The bill also aims to enhance the Treasury Department's capabilities to counter terrorism and address emerging threats in the realm of digital assets. By taking these measures, the U.S. government aims to protect national and economic security and save lives by cutting off funding for terrorist organizations.
Frequently Asked Questions
Should You Buy Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Experts believe this could change soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save for retirement and not invest your savings in gold. The added protection that gold provides when you retire is a good option.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each account offers different levels of security and flexibility.
- Remember that gold is not as safe as a bank account. Losing your gold coins could result in you never being able to retrieve them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
Is gold a good choice for an investment IRA?
Any person looking to save money is well-served by gold. You can also diversify your portfolio by investing in gold. There's more to gold that meets the eye.
It's been used as a form of payment throughout history. It's often referred to as “the world's oldest currency.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. This makes it highly valuable as it is hard and rare to produce.
The price of gold fluctuates based on supply and demand. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. Gold's value rises as a result.
On the other hand, people will save cash when the economy slows and not spend it. This means that more gold is produced, which reduces its value.
This is why both individuals as well as businesses can benefit from investing in gold. You will benefit from economic growth if you invest in gold.
You'll also earn interest on your investments, which helps you grow your wealth. Plus, you won't lose money if the value of gold drops.
Which precious metal is best to invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. While gold is considered a safe investment option, it can also be a risky choice. If you are looking for quick profits, gold might not be the right investment. If patience and time are your priorities, silver is the best investment.
If you don’t desire to become rich quickly, gold may be your best option. Silver might be a better investment option if steady returns are desired over a long period of time.
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. If you do, you must open the account by completing Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should be completed within 60 days after opening the account. Once you have completed this form, it is possible to begin investing. You can also choose to pay your salary directly by making a payroll deduction.
For a Roth IRA you will need to complete Form 8903. Otherwise, the process will look identical to an existing IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. The IRS requires that you are at least 18 years old and have earned an income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made on a regular basis. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. But, you'll only be able to purchase physical bullion. This means you can't trade shares of stock and bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. Some IRA providers offer this option.
There are two major drawbacks to investing via an IRA in precious metals. They aren't as liquid as bonds or stocks. This makes them harder to sell when needed. Second, they don’t produce dividends like stocks or bonds. So, you'll lose money over time rather than gain it.
How Do You Make a Withdrawal from a Precious Metal IRA?
First, you must decide if you wish to withdraw money from your IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, determine how much money you plan to withdraw from your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once you have completed these calculations, you need to open your brokerage account. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars are easier to store than individual coins. But you will have to count each coin separately. On the flip side, storing individual coins allows you to easily track their value.
Some people prefer to keep coins safe in a vault. Some prefer to keep them in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
What Precious Metals Can You Invest in for Retirement?
The best precious metal investments are gold and silver. They're both easy to buy and sell and have been around forever. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is very stable and secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium is another precious metal that is becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It is, however, more expensive than its competitors.
Rhodium – Rhodium is used to make catalytic conversions. It is also used as a jewelry material. It's also relatively inexpensive compared to other precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also less expensive. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
cftc.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
How To
A rising trend in gold IRAs
As investors seek to diversify their portfolios while protecting themselves from inflation, the trend towards gold IRAs is on the rise.
Gold IRA owners can now invest in physical gold bullion or bars. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. Investors can use the gold IRA for protection against inflation and potential problems.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
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By: Kevin Helms
Title: New Bill Introduced to Crack Down on Terrorism Financing through Crypto Platforms
Sourced From: news.bitcoin.com/us-lawmakers-launch-bill-to-counter-terrorism-and-threats-involving-digital-assets/
Published Date: Sun, 10 Dec 2023 06:30:06 +0000
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