FATF eyes crypto regulations among member-economies

Oct 23, 2018 at 0:24

The Paris-based Financial Action Task Force (FATF) will require member-countries to set regulations for cryptocurrency in a bid to clamp down it serving a gateway for terrorism and money laundering attacks.

According to a Reuters report, companies offering financial services for initial coin offerings will also be covered by the policy.

The implementation of the rule will bear watching as members had usually been diverse when it comes to enforcing the FATF rules.

As such, each member-country will be monitored to ensure that the crypto regulations are approached properly. Meanwhile, those deemed lacking to meet FATF standards will be blacklisted, thereby restricting their access to the global financial system.

“By June, we will issue additional instructions on the standards and how we expect them to be enforced,” FATF President Marshall Billingslea was quoted.

FATF has 35 member-countries namely Argentina, Australia, Austria, Belgium, Brazil, Canada , China, Denmark, Finland, France, Germany, Greece, Hong Kong, China, Iceland, India, Ireland, Italy, Japan, Republic of Korea and Luxembourg.

Others also include Malaysia, Mexico, Netherlands, New Zealand, Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States.

The FATF is also composed of two regional economic blocs namely the European Commission and the Gulf Cooperation Council.