G20 Sets October 2018 Timeline For Crypto Anti-Money Laundering (AML) Efforts With FATF Help
Back in a March 2018, the members of the G20 countries have decided that it was necessary to look into anti-money laundering policies that can be applied to cryptocurrencies. This decision comes from the multiple cases that previously arose in terms of money laundering, terrorism financing and several of its likes.
As per a released document, a meeting that took place over the weekend, which consisted of several officials including finance ministers and central bank governors representing the G20 countries shared that they are watchful of this matter. In particular, a deadline has been set for the Financial Action Task Force (FATF) to explain how currently established AML policies can prevent the use of cryptocurrencies in illegal activities.
According to CoinDesk’s reporting, G20 countries are keen on looking into the matters for the long-run more so than the present. It was said that,
“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant […] we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”
Not too long ago the FATF released a report which claimed to have considered the different layers of cryptocurrencies, including its definitions, Initial Coin Offering (ICOs), and its overall classifications to name a few. This was also an effort that supported the endeavors set in March 2018. Similarly, sometime this week, the Financial Stability Board offered the G20 members different methods for measuring the digital assets.
Clearly, this shows that the countries are considering the possibility of cryptocurrencies, while preserving its potential by closing all doors that might allow illegitimate activities from taking place. The wait, unfortunately, will still have to continue for the next three months!