Global AML regulator will step up crypto money laundering clampdown



A global inter-governmental body, the Financial Action Task Force, specializing in tackling financial dirty deeds, has told that it’s on the verge of stepping up its efforts in closely watching the use of crypto assets in money laundering.

As follows from a memo issued last Friday of its latest gathering, task force told it has taken on board the outcomes of a recent report as for the risks of crypto laundering as well s the regulatory measures being adopted by different nations.

As a result, the FAFT has made up its mind to implement extra initiatives to handle the risks of using digital currencies in money laundering.

Started in 1989, the task force is stuffed with ministers from its member jurisdictions who assist in determining standards. Aside from that they execute regulatory, legal as well as operational measures to withstand terrorist financing, money laundering and also other cross-border financial crimes.

In spite of the fact the agency hasn’t put out a definite policy for implementation yet, the gathering indicates soaring attention from global watchdogs over illegal employment of cryptocurrency, which could potentially affect the global financial system.

 

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