Wednesday, October 21, 2020

About 15 countries plan to develop a crypto system to combat money laundering

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Governments of about 15 countries, including Australia, Singapore and the Group of 7 (G7) members, have joined hands to develop a system to fight money laundering in cryptocurrencies.

The system would collect and share personal data on individuals who conduct cryptocurrency transactions, and would be managed by the inter-governmental body, the Financial Action Task Force (FATF), Nikkei Asian Review reportedFriday.

“The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later,” per the report.

RelatedFATF to Strengthen Control Over Crypto Exchanges to Prevent Money Laundering

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Last month, there were reports that the Japanese government is leading the development of a SWIFT-like network for cryptocurrency payments to combat money laundering, and that the development will be monitored by the FATF.

The inter-governmental body recently released its final crypto guidelines, which compel exchanges to collect and transfer customer information. Later, the Group of Twenty (G20) also officially welcomed the guidelines.

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