G20 Wants Clear Anti-Money Laundering Rules on Crypto by OctoberJul 23, 2018 at 22:58
Group of Twenty (G20) members have set an October target to arrive at a mechanism that will allow global anti-money laundering (AML) standard to be applied on cryptocurrency trade.
Member-countries of the Group of Twenty (G20), an international forum for the governments and central bank governors, relayed the message following a recent summit held in Buenos Aires, according to Coinspeaker.
“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a a global financial stability risk, we remain vigilant,” the G20 statement read.
The member-countries also urged the interagency Financial Action Task Force (FATF), which is mandated to fight money laundering and terrorist financing, to clarify how its AML standards can be introduced to cryptocurrency in three months.
The communique is a reiteration of its calls last March for the FATF to implement its standards to crypto-assets in a bid to put in place a global standard to regulate and monitor transactions in the digital trade.
Ahead of the last summit, the Financial Stability Board, a group tasked to assess and elevate recommendations to the G20 concerning global financial systems, has come up with key metrics to monitor crypto as a response to the G20’s push.
Members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.