Tuesday, October 20, 2020

G-20 to beef up steps against money laundering using crypto-assets

-

The Group of 20 major economies plan to agree on compiling additional steps by 2021 against money laundering and funding of terrorist groups through the use of crypto-assets, sources close to the matter say.

The G-20 finance ministers and central bank governors are set to urge the Financial Action Task Force, an international body, on devising new measures to prevent the malicious use of cryptocurrency and other advanced technologies when they gather in Fukuoka for a two-day meeting from June 8, the sources said.

The chiefs are also expected to formally agree on strengthening regulations on cryptocurrency exchange operators such as requiring government registration.

Concerns are growing that cryptocurrencies will be used to fund terrorist organizations and other criminal acts by exploiting their anonymity.

- Advertisement -

A U.N. panel of experts said in March that cryptocurrency gave North Korea a new way to evade sanctions since “they are harder to trace, can be laundered many times and are independent from government regulation.”

It said Pyongyang successfully launched attacks on cryptocurrency exchanges in Asia, including Japan, at least five times between January 2017 and last September, leading to a total loss of $571 million.

The FATF, an international standard-setting body that promotes steps to combat money laundering and terrorist financing, has been pushing for strengthened monitoring of cryptocurrency exchanges and the verification of customer identities.

In Japan, registration is already mandatory for cryptocurrency exchanges due to a revision of the payment services law that came into effect in April 2017. The law also gives authorities the power to issue orders for business improvement and suspension.

- Advertisement -

The G-20 chiefs are also set to ask members to report on possible countermeasures utilizing IT such as employing artificial intelligence technology to detect suspicious transactions, the sources said.

They will agree to accelerate efforts toward establishing rules on compensating investors and customers for theft of their cryptocurrencies, the sources said.

MUST READ

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...

Ex-managers of Security firm pleads guilty in Santa Clara County concealed gun permit bribery scandal

Two former managers of a Silicon Valley international security firm pleaded guilty Monday to charges related to a bribery scheme to obtain concealed firearms...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Billionaire Robert Smith to Pay $140 million after admitting to tax evasion

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax...

Mexico’s ex-army chief arrested in US on charges of drug trafficking, money laundering

Former Mexican Defense Secretary Gen. Salvador Cienfuegos, who led the country’s armed forces for six years under then-President Enrique Peña Nieto, has been arrested...
Advertisement
Advertisement

Latest News

This Week

Parent company of world’s largest meatpacker plead guilty in bribery case, fined $280 million

The owner of the world's largest meatpacker pleaded guilty in U.S. federal court on Wednesday to paying nearly $180 million in bribes to top...

Judge orders billionaire Greg Lindberg to report to prison after conviction for bribery

Try as he might to extend his freedom, Durham businessman and convicted felon Greg Lindberg will become a federal inmate on Tuesday. Lindberg, the billionaire...

Cyprus House speaker quits amid passport for sale scandal

Cyprus’ parliamentary speaker has resigned after an undercover news report allegedly caught him on tape promising to help circumvent the country's rules on granting citizenship to foreign investors. Demetris...

Attorney General Dave Yost subpoenaed in Ohio bribery scandal

Federal officials investigating the House Bill 6 bribery scandal subpoenaed records from Attorney General Dave Yost’s office the day before arresting then-House Speaker Larry Householder and...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks