Bitcoin is a currency widely used by the criminal fraternity as dealers in its transactions are hard to trace. The Treasury's Crimes Enforcement Network has been sending 'industry outreach' letters to about 12 businesses on their anti-money laundering duties. Carol Van Cleef, a partner in Washington firm Patton Boggs, said: 'Is this setting a new standard that in the future if there are any questionable business models there will be notice given before any action is taken?' Source: IT Pro