The European Commission along with thirty-five countries have requested the Financial Action Task Force (FATF) to set uniform anti-money laundering policies globally.
The revision being a necessary stance, the FATF has been vested with responsibilities for policy-making. The new AML policies shall be presented at the G20 meeting of finance ministers.
Representatives of Thirty-five countries were present during the FATF meet in Paris, this February. The motive was to seek help from a global body to prevent money laundering. The FATF was founded in 1989 with an aim to provide measures in fighting back online illegalities and crimes.
Two Organizations and 35 countries including China, Germany, France, India, UK, USA, Russia, South Korea, South Africa are currently the members of the FATF. The organizations include the EU and the Gulf Co-operational Council. Most speculations stated that the electronic wallets had risen the risks of Online crimes. The anonymity of crypto founders was also considered to be a possible threat regarding the transparency of the sector.
Election for the next vice-chairman was held and China got the responsibilities vested for the session, July’19 – July ’20. South Korea concisely stated FATF’s “obligations related to cryptocurrency transactions to tackle money laundering”.The country has previously banned anonymous Crypto-trading and real identities had to be made public.
Strict verification of customers and increased security is expected to be one of the measures of FATF. With all these countries participating together in combating Cyber attacks, Success is only a matter of time.