April 23, 2024

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

The rise of stablecoins like Facebook's Libra could have major implications for global effortsto combat money laundering and terrorist financing, FATF President Xiangming Liu said. It is reported by Reuters.

«If stablecoins become widespread, this could lead to new risks associated with money laundering and terrorist financing».- says the head of the Financial Action Task Force on Money Laundering.

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

«Our task — ensure that new risks associated with stablecoins are adequately addressed,Xiangming Liu emphasized.

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