• Tue, 10 Dec 2019, 06:08 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,263.41 (-2.91%)
  • Ethereum (ETH) $145.81 (-1.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.74 (-1.58%)
  • Litecoin (LTC) $44.40 (-1.56%)
  • Bitcoin (BTC) $7,263.41 (-2.91%)
Dec 10, 2019 (Tuesday)
12:09
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:09
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:29
Crypto Technicals: XMR/USD fails at 21-EMA, bearish bias builds, scope for downside resumption
10:32
LedgerX founders temporarily replaced after derivatives provider collided with CFTC
10:28
BNY Mellon, Credit Suisse moved funds for Telegram during $1.7B token sale: Report
08:42
Crypto Technicals: BCH/USD extends range trade below 5-DMA, resumption of weakness to see dip till 187 (Trendline)
06:40
Crypto Technicals: XRP/USD capped at 21-EMA, extends weakness for the 2nd straight session
06:38
Brazil to impose fines on individuals failing to declare cryptocurrency transactions
06:06
Huobi US to cease operations on Dec. 15
05:19
Bakkt launches options and cash-settled futures products
05:13
Crypto Technicals: ETH/USD capped at 20-DMA, 'Bearish Engulfing' to plummet prices
04:53
South Korea to impose capital gains tax on crypto transactions; Bill slated for introduction in 2020
04:21
Crypto Technicals: BTC/USD rejected at 21-EMA, invalidates scope for upside
03:17
Italian copyright pioneer collaborates with blockchain firm to protect intellectual property
03:14
China to launch first phase of digital currency pilot program by end of 2019: Report
Dec 9, 2019 (Monday)
16:11
Blockchain-based social media platform Voice to release public beta in February 2020
14:49
Crypto exchange OKEx to launch options trading this month
13:19
Cryptocurrencies could replace fiat currencies by 2030, says Deutsche Bank
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:52
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft