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Monitoring by the anti-money-laundering controller was increased

A global inter-governmental body, the Financial Action Task Force (FATF), aimed at combating financial crime, stated that it will intensify its efforts to monitor the use of cryptocurrencies in money laundering.

26.Feb.18 10:58 AM
By Daria Zaytseva


Monitoring by the anti-money-laundering controller was increased

According to a report published at its last meeting, the task force stated that it has taken into account the conclusions of the recent report on the risks of cryptocurrency money laundering and the regulatory measures taken in different countries.

As a result, the FAFT has decided to implement additional initiatives to eliminate the risks of cryptocurrency in money laundering.

The Task Force, established in 1989, consists of ministers from its member countries that help to set standards and implement legal, regulatory and operational measures to combat money laundering, terrorist financing and other cross-border financial crimes.

Although the agency still needs to develop a specific policy for its implementation, nevertheless the meeting causes growing attention on the part of world regulators regarding the illegal use of cryptocurrency funds that could undermine the global financial system.

In fact, according to the information agency of South Korea, Yonhap, the financial regulator of the country, the Financial Services Commission, was informed the other 36 member states of its work by introducing rules for compliance with anti-money laundering rules for internal exchange of cryptocurrencies.

South Korea had long been allowing exchanges in the country to offer trading services to investors through anonymous accounts, which, according to the South Korean customs agency, contributed to the unregistered transfer of more than $ 600 million in capital.

Subsequently, South Korea banned anonymous trading accounts and now requires exchange platforms to use the authenticity of these names before resuming operations.

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