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A Global Standard for Crypto Anti-Money Laundering Coming in October

NEWS

25 September, 2018 

 

Financial Action Task Force (FATF) president Marshall Billingslea, has stated that the finalisation of global anti-money laundering standards for cryptocurrency is near.

 

Progress in working towards a consensus was accelerated after the G20 requested that it urgently resolve gaps in international standards.

“It is essential that we establish a global set of standards that are applied in a uniform manner.”

FATF’s plenary, held in October, will facilitate a discussion around how virtual assets will fit into current standards, followed by a review of its methodology and implementation dates.

 

Billingslea acknowledges that current standards do not accommodate virtual assets, stating that virtual currencies are “very much a patchwork quilt or spotty process,” which is “creating significant vulnerabilities for both national and international financial systems”.

 

The recent, expansive growth of cryptocurrencies has cast light on the opportunities it creates for illegal activities such as money laundering and terrorism.

Although there are risks, Billingslea acknowledges that digital assets are “a great opportunity” and that regulation “can’t tilt too far in one direction or another” since blockchain “will continue to evolve”.

 

Source: Financial Times

 

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