Copy link
Increase text size
Decrease text size
Link copied

15 nations, including G7 members, to establish crypto transaction monitoring system under FATF: Report

Mon, 12 Aug 2019, 03:27 am UTC

About 15 countries, including the G7, will reportedly establish a system to track crypto transactions together with the Financial Action Task Force (FATF) in a bid to prevent the illegal use of cryptocurrencies, according to Nikkei Asian Review.

As per the report, the new international initiative aims to gather and distribute personal information on individuals who conduct cryptocurrency transactions in order to avoid funds for illicit activities, such as money laundering and terrorism financing.

The new system, which will be managed by the FATF, is expected to be finalized by 2020 and to be up and running after a few years. Once adopted, the private sector will oversee the new system.

The FATF, which is an intergovernmental organization that aims to combat financial crimes, released its crypto guidelines in June 2019. The new policy obliges crypto-asset providers to follow the usual procedures of traditional institutions in complying with anti-money laundering (AML) and combating the financing of terrorism (CFT) protocols.

In July, the Group of Seven (G7) task force also warned that cryptocurrencies such as Facebook’s Libra need to be held “to the highest regulatory standards” as they pose a threat to global financial stability. Its initial report revealed financial innovations are at risk for being utilized for money laundering and terrorism financing, as well as consumer and data protection, cyber resilience, fair competition, and tax compliance.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,339.15 (+0.03%)
  • Ethereum (ETH) $160.28 (+0.46%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $309.60 (-0.59%)
  • Bitcoin SV (BSV) $260.75 (+1.75%)
  • Bitcoin (BTC) $8,339.15 (+0.03%)
Jan 24, 2020 (Friday)
12:24
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:50
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:37
Japan ruling party lawmakers to propose digital yen in February: Report
11:00
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
10:24
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
10:23
Tether launches new stablecoin backed by physical gold
09:49
Crypto exchange ErisX partners with Etale to offer new trading features
09:23
World Economic Forum launches blockchain-based supply chain traceability platform
08:17
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
07:36
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
06:57
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
05:26
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
04:44
Crypto exchange Binance invests in blockchain startup Numbers
04:24
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
04:23
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
04:04
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
13:26
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
12:32
World Economic Forum creates framework to help central banks design and deploy CBDC
11:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft