FATF to create new AML system in crypto sector

Posted 09 August, 2019

The Financial Action Task Force (FATF) is reportedly developing financial measures to combat money laundering activities. It is planned to launch a system for collecting personal data of digital money users. 

According to the reports, the governments of approximately 15 countries, including Australia, Singapore, and G7-members have teamed up to develop a cryptocurrency anti-money laundering system.

The main task of the system will collect personal data of persons who carry out operations with cryptocurrency and exchange this information. It is assumed that it will be managed by an intergovernmental body, the Financial Task Force (FATF).

"The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later." - wrote in a statement.

By 2020, the functions for accounting will be determined, while the launch of the system will take place in few years later. After that, it will be transferred to the private sector of the economy.

Also last month, there were reports that the Japanese government had been leading the development of the network like SWIFT for cryptocurrency payments, which would be more effective measures against money laundering as well as that the FATF would monitor the development process.

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12 August, 2019 10:58

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