Financial Action Task Force Releases 'Definitions and Risks' Report on Virtual Currencies
The Financial Action Task Force [on Money Laundering], also known as FATF, has released a new report focusing on virtual currencies. Specifically, the report covers "key definitions" and "potential AML/CFT risks" of these emerging payment methods. The FATF conducted research into the characteristics of virtual currencies to make a preliminary assessment of the ML/TF risk associated with this payment method. An important step in assessing the risks and developing an appropriate response, is to have a clear understanding of the various types of virtual currencies and how they are controlled....
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The Financial Action Task Force (FATF) has published a paper looking into the money laundering and terrorism financing risks involved with digital currencies. FATF is an independent intergovernmental organisation tasked with developing policies to combat money laundering (AML) and terrorism financing (CTF). The organisation further maintains a blacklist, which highlights jurisdictions that refuse to address these issues. In addition, the FATF issues recommendations for AML and CFT, which must be followed in order to stay off the blacklist. The FATF paper, titled 'Virtual Currencies - Key....
The independent intergovernmental organization FATF or The Financial Action Task Force (on Money Laundering), headquartered in Paris, has published a report as a guide for using digital currencies titled "Guidance for a Risk-Based Approach to Virtual Currencies." It includes benefits of digital currencies as well as potential risks of money laundering and terror financing. The report is essentially the conclusion to the recent meeting held at Brisbane that was participated by 34 member nations and two regional organizations - the European Union and the Gulf Co-operation Council - to....
Financial Action Task Force on Money Laundering (FATF), an international intergovernmental organization created to combat money laundering has recently issued guidance in the form of a report titled 'Guidance for a Risk-Based Approach to Virtual Currencies' for closer monitoring of cryptocurrency exchanges. The report discusses about various benefits associated with digital currencies and also the potential risks of money laundering and terror financing it comes along with. The report was published as part of the recently concluded plenary meeting held at Brisbane. The organization with....
The Financial Action Task Force (FATF) has recommended closer monitoring of digital currency exchanges and gateways to counter money laundering and terrorism financing. FATF published its 'Guidance for a risk-based approach to virtual currencies' at a plenary meeting held this week in Brisbane. The 48-page document acknowledges that digital currencies carry several economic benefits such as decreased transaction costs, financial inclusion for those lacking access to banking services and the facilitation of microtransactions. However, they also carry risks of money laundering and terrorist....
The European Parliament has voted in a non-binding resolution today which approved a proposal for a taskforce looking into virtual currencies like bitcoin and blockchain technology. A proposal from late February, which sought to form a bitcoin- and blockchain-centric taskforce overseen by the European Commission, the executive arm of the European Union, was approved by the European Parliament in a majority vote today. The call for a task force is to study the technology to understand the risks and opportunities of virtual currencies (VC) and distributed ledger, or blockchain technology....