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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.

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