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Alternative Market Briefing

Global anti-money laundering watchdog FATF to set first cryptocurrency rules

Monday, October 22, 2018

Laxman Pai, Opalesque Asia:

The international watchdog focused on anti-money laundering (AML) regulations has said it plans to institute a global framework for cryptocurrency.

Paris-based Financial Action Task Force (FATF) has taken a significant step forward in the process of regulating the famously unregulated market of digital currencies with its announcement.

The France-based intergovernmental body founded in 1989 to develop policies for tackling money laundering said that global jurisdictions will have to bring into force licensing schemes or regulations for crypto exchanges, initial coin offering (ICO) and possibly digital wallet providers under the new rules.

A press release from the watchdog said: "Virtual assets and related financial services have the potential to spur financial innovation and efficiency and improve financial inclusion, but they also create new opportunities for criminals and terrorists to launder their proceeds or finance their illicit activities."

The FATF has therefore been actively monitoring risks in this area, and issued guidance on a risk-based approach to virtual currencies in 2015, it said.

There is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism.

Given the urgent need for an effective global, risk-based response to the AML/Countering Financing of Terrorism (CFT) risks associated with virtual asset financial activities, the FATF ha......................

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