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) $8,885.73 (+2.38%)
  • Ethereum (ETH) $170.88 (+4.71%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $358.68 (+10.25%)
  • Bitcoin SV (BSV) $295.37 (-5.83%)
  • Bitcoin (BTC) $8,885.73 (+2.38%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft