UK must tighten crypto AML policy, FATF stated

Posted 11 December, 2018

The UK may tighten crypto market monitoring facing pressure from the Financial Action Task Force.

The authority released the December report citing that these measures are required for prevention of anti-money laundering and counter-terrorism financing actions. It was discovered during the evaluation that local system for reporting suspicious activities must be revised and updated.

"Virtual currency exchange providers are not yet covered by AML/CFT requirements. This is an emerging risk and there is not yet evidence to suggest that broad scale ML/TF is occurring in the UK through this relatively small sector," reads the document.

Notably, FATF added that some players (real estate agents and traders) do not fully realize the risks in terms of the money laundering via cryptos as well as their role in this process.

For now, the country is facing the change of the regulatory regimes in the national cryptocurrency sector. Specifically, some initiatives faced critics – some insiders noted in November that new rules can lead to a ban on some institutional tools like bitcoin futures.

The authority stated that the UK needs new modernized and expanded guidelines for actions against money laundering and terrorist financing activities. Moreover, the country should also boost supervision over the crypto exchangers.

After the evaluation, UK authorities detected and analyzed risks and are working on wider AMK and CTF measures in the crypto industry.

Previous story

11 December, 2018 13:46

← Good Money bank project receives $30 million funding with Galaxy Digital among investors

Good Money, a crypto company from Los Angeles, USA, reported completion of the Series A funding round with $30 million investments. According to the press release unveiled December 10, the funding round was led by Galaxy Digital via its Galaxy EOS VC Fund with investments from Breyer Capital, Blocktower Capital and others investors.The company intends to be a bank, which provides every customer with an equity after opening an account. It is going to launch fee-free ATMs in the USA as well as zero fees overdrafts and FDIC deposits at 2% annual rate.

Good Money bank project receives $30 million funding with Galaxy Digital among investors

Next story

10 December, 2018 13:31

Israel Tax Authority to open season on crypto tax dodgers →

Israel Tax Authority (ITA) is getting tough with the companies and individuals which evade reports of crypto earnings. The news reports read that the regulator has sent notifications reminding the need to pay taxes to the individuals that can earn money from crypto investments and trading. Specifically, ITA believes that often international trips, numerous real estates (houses, apartments) can indicate that an individual can have unreported crypto earnings.

Israel Tax Authority to open season on crypto tax dodgers
Write a comment
Prove you’re not a bot + 13 = 20