FATF keeps taking anti-money laundering measures: guidelines for crypto segment

Posted 04 March, 2019

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. 

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04 March, 2019 17:25

← Court of Illinois rejects appeal of Mark Karpeles to suspend Mt Gox case in USA

The Court of Illinois State decided to reject the appeal filed by the lawyer of ex-CEO at dead Mt Gox crypto exchange Mark Karpeles regarding the suspension of the case against Karpeles launched in the USA. The lawyer cited the ongoing civil rehabilitation case in Japan Karpeles as a reason for this request.

Court of Illinois rejects appeal of Mark Karpeles to suspend Mt Gox case in USA

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04 March, 2019 16:09

Circle said to look for additional investments →

A crypto finance company Circle Internet Financial is rumoured to consider moves aimed to attract extra $250 million through combining debt as well as equity financing. The sources in the know stated that steadily bearish crypto market affected the operations of the Boston-based company and drove it to think over seeking additional funding. At the same time, Circle has neither officially confirmed or denied these reports.

Circle said to look for additional investments
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