Intergovernmental Financial Regulator …

Intergovernmental financial regulator intends to fight against the use of cryptocurrencies for money laundering

Development group financial measures to combat money laundering Money (FATF), a global intergovernmental structure dedicated to combating financial crime, said it will monitor cases of using cryptocurrencies as a tool for money laundering.

The group took note of a recent report on the risks of money laundering with cryptocurrencies and measures being taken in various countries to combat this problem, according to a report released from Friday’s meeting..

FATF, in turn, decided to launch additional programs, also aimed at combating the identified risks.

The group was founded in 1989. Its members are 35 countries and two international organizations, and 20 organizations and two countries are observers..

Although the department has not yet specified exactly how it will fight against money laundering with the involvement of cryptocurrencies, the discussion of this issue at the meeting speaks of the growing attention of global regulators to cases of illegal use of cryptocurrencies that can threaten the financial system as a whole..

Intergovernmental Financial Regulator ...

According to Yonhap, at the meeting, a representative of the Financial Services Commission of South Korea told his colleagues about the requirements for cryptocurrency exchanges in his country to prevent money laundering using cryptocurrencies..

Previously, South Korean traders were able to trade cryptocurrencies anonymously using special virtual accounts. According to the South Korean customs service, this practice allowed attackers to withdraw over $ 600 million outside the state..

Authorities later banned anonymous trading in cryptocurrencies and required traders to use bank accounts linked to their real names..

Intergovernmental Financial Regulator ...

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