June 17, 2024

15 countries jointly developing a new system to prevent money laundering

A number of countries intend to jointly develop a new system for collecting and transferring personal data of participantscryptocurrency transactions.

The goal of this initiative is topreventing money laundering, terrorist financing and other illegal activities. The creation of the system will be undertaken by the Financial Action Task Force (FATF).

By 2020, it is planned to determine metrics for accounting, and a full-fledged launch of the system will take place in a few years, after which it will be transferred to the private sector.

As Nikkei Asian Review reports, manyStates have not yet decided on a regulatory regime for cryptocurrencies, so international cooperation can contribute to accelerated developments in this area.

Among the countries that have expressed a desire to participate in this initiative are Australia, Singapore, Great Britain, Germany, Italy, Canada, the USA, France and Japan.

Let us remind you that in July of this yearThe FATF has released the final version of recommendations for regulating cryptocurrencies and the activities of operators of cryptocurrency services to prevent money laundering and terrorist financing.