In the group of development of financial measures to combat money laundering (FATF) was asked to revise the standards for cryptocurrency, made by 35 countries and the European Commission. The organization promised to present a revised countermeasures relating to anti-money laundering (AML) for crypto-currencies at the upcoming meeting of Finance Ministers “big twenty”.
Recall that the group of development of financial measures of struggle against money-laundering, established in 1989, is an intergovernmental body. Her goal of setting standards and promoting effective implementation of measures to combat money laundering, terrorist financing and other related threats.
Currently, the FATF has 35 member countries and two regional organizations. Among the member countries include Germany, India, China, South Korea, Russia, United States, Turkey, Sweden, France and South Africa. The FATF also includes the European Commission and the cooperation Council of the Gulf countries.
As reported South Korean newspaper Yonhap, the meeting of the FATF held in Paris from 18 to 23 February, the group “urged the global body to improve understanding of the risks of money laundering related to cryptocurrency”.
Member countries are concerned that because of the anonymity of cryptocurrency transactions continue to grow risks of money laundering. Therefore:
“The FATF discussed the need to revise their own international standards […] along with the revision of the guidance on virtual currency, created in June of 2015”, — quoting the South Korean newspaper Hankyoreh.
During the meeting, South Korea informed the FATF about “their obligations related to crypto transactions to combat money-laundering”.
The financial services Commission of the country (FSC) said that “South Korean guidelines for the prevention of the laundering of money for trading cryptocurrencies — the first in the queue”.
Recall that from the beginning of the year the South Korean authorities took several regulatory measures, including the requirement for verification of identity in the process of opening a personal Bank account, in accordance with the provisions of the system “know your customer” (KYC). Additionally, the financial intelligence units of the country (FIU) has issued guidelines for combating money laundering for financial institutions.
