G20 to Review Crypto Anti-Money Laundering Standard to be Reviewed in October

G20 to Review Crypto Anti-Money Laundering Standard to be Reviewed in October

Argentina: As per the latest statement issued by G20 member countries, the deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency has been set up for October.

The news was published by Coindesk.

The finance ministers and central bank governors of the G20 member countries hosted a meeting during the weekend and issued a statement reiterating their position on a plan for ‘vigilant’ monitoring of cryptocurrencies.

All the member countries of G20 have further called on the Financial Action Task Force (FATF). It is an intergovernmental body formed to fight money laundering and terrorist financing. The formation of FATF will clarify how its existing AML standards can apply to cryptocurrency in three months time.

The statement released by the G20 member countries read, “While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. … We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”

Coindesk has reported previously that the G20 initially asked for an anti-money laundering standard on cryptocurrency from the FATF in March. The member countries took this step as part of their wider push for global regulatory recommendations on the issue.

In the reports published last month, it was reported that the FATF is planning to develop binding rules of AML for the world’s cryptocurrency exchanges. Again in February, it was reported that the agency would step up its scrutiny effort over crypto money laundering.

Early last week, the Financial Stability Board, an organization focused on analyzing and making recommendations to the G20 on global financial systems, presented several key metrics for monitoring crypto assets ahead of the weekend meeting, in a response to the G20’s request in March of this year.

(Source: Coindesk)
(Image Source: www.g20.org)