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Cryptocurrency transaction: what financial measures will be taken to combat money laundering

FXcoins -  Cryptocurrency transaction: what financial measures will be taken to combat money laundering

The FATF will create a system that will prevent money laundering, financing of terrorism and any other illegal activity. The system start-up is planned for 2023.

 


Regulation of cryptocurrencies - a difficult task. In order to achieve a breakthrough in this area will require enhanced teamwork. Thus, more than 9 countries have agreed to cooperate, and this includes:

 

  • Japan;
  • Singapore;
  • England;
  • France;
  • Germany;
  • Italy;
  • USA;
  • Canada;
  • Australia.

 

Group of development of financial measures to combat money laundering provided for a special system of adjustment of cryptocurrencies, which explains how to prevent criminal activity in the financial sector.

 

The list of countries that were noted for criminal activities:

  • Afghanistan;
  • American Samoa;
  • Bahamas;
  • Botswana;
  • North Korea;
  • Ethiopia;
  • Ghana;
  • GUAM;
  • Iran;
  • Iraq;
  • Libya;
  • Nigeria;
  • Pakistan;
  • Panama;
  • Puerto Rico;
  • Samoa;
  • Saudi Arabia;
  • Sri Lanka;
  • Syria;
  • Trinidad and Tobago;
  • Tunisia;
  • U.S. virgin Islands;
  • Yemen.

 

Thus, the EU intends to protect the financial system. The fence above countries from falling into financial system of the EU will strengthen the fight against money laundering and combating the financing of terrorism.

 

Transaction data from the fear will be transferred to the strengthened control of the crypto operations. The EU believes that the development of crypto-currencies only increases the possibility of funding illegal activities. The EU Council approved the Directive on stricter regulation for the prevention of money laundering and terrorist financing, which include, in particular, increasing transparency of data on the owners of trusts and beneficiaries of companies.

12 August 2019

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