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35 Nations, EU Agree to Revise Global Cryptocurrency Standards

“Member countries were worried that the anonymity and money laundering risks of cryptocurrency transactions had grown with electronic wallets”

Thirty-five countries and the European Commission have asked the Financial Action Task Force (FATF), responsible for setting global anti-money laundering (AML) policies, to revise its standards relating to cryptocurrencies.

Reportedly, at the recent Financial Action Task Force (FATF) meeting in Paris, members representing 35 countries and two organizations “urged the global body to improve the understanding of money laundering risks relating to cryptocurrencies.”

Established in 1989, the FATF is an inter-governmental body whose objectives are to set standards and promote effective implementation of measures to combat money laundering, terrorist financing, and other related threats, its website describes.

The FATF currently comprises 35 member jurisdictions and two regional organizations. Member countries include China, France, Germany, India, Japan, South Korea, Russia, South Africa, Sweden, Turkey, United Kingdom and the United States. The two organizations are the European Commission and the Gulf Co-operation Council.

At the meeting last week, “Member countries were worried that the anonymity and money laundering risks of cryptocurrency transactions had grown with electronic wallets”

The organization promised to present its revised AML countermeasures for cryptocurrencies at the upcoming G20 meeting of finance ministers.

During the meeting, South Korea briefed the FATF on “its obligations related to cryptocurrency transactions to tackle money laundering,” Korean officials said on Monday.

In addition, China was elected as the next vice-chairman at the meeting, effective from July 2019 to June 2020, the publication noted.

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