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FATF is not developing a crypto transaction monitoring system with 15 countries

Image Credit: The Express Tribune

Wed, 14 Aug 2019, 08:46 am UTC

The Financial Action Task Force (FATF) debunked earlier reports that 15 countries have purportedly collaborated to establish a new system that would collect and share personal information.

The [FATF is] not developing any systems- and we wouldn’t take the data anyway,” Tom Neylan, FATF Senior Policy Analyst told Finance Magnates, adding that it only “sets standards and [promotes their] effective implementation.”

Earlier reports that surfaced said 15 countries, including the G7, will establish an international initiative to gather and distribute personal data on individuals who conduct cryptocurrency transactions to prevent illegal activities. The FATF was reported to be responsible for managing the new system, which was expected to be finalized by 2020 and be up and running in a few years.

However, Nylan revealed that the FATF is in talks and works with the private sector in developing systems. “But it’s important that they are their systems and that they own them,” he argued.

The FATF released new guidelines for the cryptocurrency industry in June, requiring exchanges to apply several regulations that are being followed by banks. In short, it wants crypto exchanges in all jurisdictions to know their customers.

They need to keep that information securely and privately so that it’s available to law enforcement authorities when it’s needed to investigate money laundering and terrorist financing,” he explained.

Nevertheless, Nylan made clear that the new policy does not intend to breach an individual’s privacy.

This isn’t meant to breach everybody’s privacy. This is meant to ensure that criminals and terrorists can be identified once law enforcement are aware that they’re involved,” he noted.

Nylan also revealed the FATF is working with some industry groups and experts, including the International Digital Asset Exchange Association, “who are using FATF’s standards as a starting point for industry-led efforts to work out exactly how to implement this globally.”

Misinformation spreads like wildfire in the crypto space. Thus, the New York Times has established its News Provenance Project that use blockchain to combat fake news and adulterated media.

TokenPost | [email protected]

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