Group of development of financial measures against money laundering (FATF) has promised to provide the international standard for combating money laundering (AML) in the cryptocurrency field by October.

The FATF is an intergovernmental organization founded in 1989 by decision of the member countries “the Big seven” (G7). The purpose of the organization is to resist the illegal money laundering in various sectors and the financing of terrorism. Today, its representative offices in FATF have 35 States and two international organizations — the European Commission and the cooperation Council for the Arab States of the Persian Gulf. The headquarters is located in Paris.

The organization’s President, Marshall Billingsley (Marshall Billingslea) reported that at the plenary meeting in October FATF plans to adopt a common AML standard for companies that work with cryptocurrency. Until then, the group will hold the final approval, discuss which of the existing standards for other industries can be adapted to kriptonyte, revise criteria for the evaluation of how countries comply with these standards.

According to Billingsley, the existing AML standards in the cryptocurrency industry are too different from each other and are fragmentary. This situation makes the protection system of crypto-currency companies too vulnerable, because the FATF intends to develop uniform rules to ease of use and control.

Recall that in June, the organization also reported the development of rules binding on cryptomeria. The rules are based on previous recommendation of the regulations that the FATF adopted in 2015.

Interestingly, on the question of unification of legal provisions for the cryptocurrency sector drew the attention of the Institute Bruegel (Bruegel), Brussels, European research organization that studies the international Economics. The researchers noted that the virtual nature of the currency imposes restrictions on the development of regulations that makes it possible for regulatory arbitrage, that is profit due to the difference in regulations in different jurisdictions.