The intergovernmental money-laundering watchdog FATF to formulate a unified policy for cryptocurrency jurisdiction by June 2019
Comprehensive Guidance for Businesses and Law Enforcement
The Financial Action Task Force (FATF), a Money Laundering Financial Action Task Force (1*), stated that global jurisdictions need to provide licensing schemes and regulations for cryptocurrency exchanges and digital wallet providers under the new rules. This also includes companies providing financial services for ICOs (Initial Coin Offerings).
Specifically, it defines that it is essential for the jurisdictions to ensure that Virtual Asset Service Providers are subject to AML/CFT regulations, including ongoing monitoring, record-keeping, and the reporting of suspicious transactions, as part of customer due diligence.
From the 17th to the 19th, FATF held a plenary meeting with stakeholders from 204 jurisdictions around the world to discuss cryptocurrency regulation, and made this decision.
FATF President Marshall Billingslea stated that the group will publish guidelines and enforcement proposals by June next year. Marshall said the following:
“(By) June next year, we intend to issue additional guidance on the standards and how they will be enforced.”
In July, G20 member countries had set a deadline in October 2018 for submitting a global AML regulatory framework for cryptocurrencies.
