September 27, 2020

FATF: Libra and other stablecoins will prevent the fight against money laundering

The spread of stablecoins like Facebook's Libra can have serious implications for global efforts. to combat money laundering and terrorist financing, FATF President Xiangming Liu said. It is reported by Reuters.

“If stable coins become widespread, this could lead to new risks associated with money laundering and the financing of terrorism.” - believes the head of the Group for the development of financial measures to combat money laundering.

He warned that stablecoins and the companies behind them will obey global standards for cryptocurrencies and traditional assets.

“Our task is to provide an adequate solution to the new risks associated with stable coins,” - emphasized Xiangming Liu.

Recall that the FATF tightened the requirements for the cryptocurrency industry, business and governments should implement new recommendations by June 2020.