The Financial Action Task Force on Money Laundering (FATF) released a preliminary version of the requirements for the crypto market players. All members of FATF (36 countries) are advised to apply the guidelines. The comments from the private sector are accepted until April 8. The final meeting on the issue is slated for June.
The working group keeps on insisting that the FATF members should pay more attention to the problems of crypto money laundering and terrorism financing. According to the guideline, the industry representatives must register or obtain a license in the jurisdictions where they were established, and their owners must submit identification information to the related authorities. In some cases, crypto products have to be certified if these measures are provided by the effective regulation of a certain country.
The FATF also notes that the regulations for the crypto segment should be consistent with the task. Supervision should be carried out by the competent authorities, rather than by self-regulatory organizations, which are often unable to effectively fight against money laundering and terrorist financing. Countries that decide to apply the FATF recommendations should study the issue of criminal, civil, and administrative liability for violating the established requirements.
Finally, the FATF proposes to oblige digital asset service providers to collect and store the data about senders and recipients of crypto payments and send it to the appropriate government agencies on demand. If a transaction is deemed suspicious, regulators should prevent it.