G20 to agree in June on cryptocurrency AML/CFT regulations
Home News G20 to in June, crypto-currency AML/CFT requirements some
Marcus Misiak –
When financial officials and Central Bank governors from the G20 member States, meeting in June in Fukuoka, Japan, will be discuss according to Reports, Anti-money laundering and Anti-terrorism financing regulations in connection with crypto-currencies.
The G20 member countries. at the Meeting of the Minister of Finance and the Central Bank governors on 8 and 9. June in Fukuoka, Japan, on the international regulation of anti-money laundering with a crypto-currency (AML – Anti-Money Laundering) and the financing of terrorism (CFT – Countering the Financing of Terrorism ) discuss, reported reported a Japanese news Agency.
It is expected that the Finance Ministers and Central Bank governors of the member countries at the meeting to reach agreement on the new rules. According to the Japanese news Agency the focus of the new rules on the position of the transparent assets flow and it is expected that a “more stringent identification of individuals at the time of the transactions” is introduced, in order to prevent these illegal activities.
The members should also focus on it, to prevent rogue crypto-use currency in order to circumvent sanctions, while North Korea, special attention is paid to. Numerous reports of recent years indicate that the Regime of the North crypto has hacked systems and stolen, the impact of the international sanctions can be eased.
In December 2018, the G20 leaders summit ended with a joint statement on the theme “consensus for a fair and sustainable development”. In the Declaration it was said in the past year:
We are crypto-laundering Assets to combat money and the financing of terrorism regulate, in accordance with the FATF Standards and, if necessary, other measures to consider.
The countries had also agreed to work together to find a consensus-based solution for the effects of the digitalisation of the economy on the international tax system. You are planning this year to update and up to 2020 a final report shall be submitted. Previously, the Financial Stability Board (FSB), an international body Monitoring the global financial system was published, in July, a framework for Monitoring the impact of crypto-Assets on the financial stability.
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