Japan will call on colleagues at the G20 summit, which will take place next week, to strengthen measures to prevent the use of cryptocurrencies for money laundering. This became known to Reuters, two sources familiar with the matter.
But the chances of that financial leaders “the Big twenty” will be able to agree on specific global rules and to refer to them in the joint communiqué low. Very different approach to the problem each of the parties, according to sources of the Agency.
“Discussions will focus on steps to combat money laundering and consumer protection and not on how cryptocurrency trading can affect the banking system. The General feeling among members of the G20 lies in the fact that the application of too strict rules is not good,” said one of the officials.
Finance Ministers and Central Bank heads of the 20 largest economies in the world will meet in Buenos Aires on 19-20 March. One of the issues on the agenda of the summit will regulate cryptocurrency. Your insights about the ways of use of cryptocurrencies in illegal operations, they will represent the Group of development of financial measures to combat money laundering (FATF). This organization created by a group of G7 to combat illicit financing.
Japanese politicians fear that despite the fact that among the countries “Big twenty” there is a broad consensus on the need for such steps, some countries have weaker rules than the other, which leaves loopholes for money laundering, said one of the officials.
This is the need to prevent the use of cryptocurrencies in illegal financial operations focused, many officials, called to discuss the issue at the G20 summit. Treasury Secretary Steven Mnuchin (Steven Mnuchin), has previously stated that it will seek cooperation with the G20 in addressing this problem.
Christine Lagarde (Christine Lagarde) welcomed the discussion of cryptocurrencies “Big twenty”, which as the head of the IMF will also participate. In the blog post she paid special attention to the prevention of the use of digital money in illegal activities.
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