The FATF is to combat money laundering through crypto-currencies

Group of development of financial measures to combat money laundering (FATF), the global intergovernmental institution whose aim is to combat financial crimes, said that intensifying efforts to scrutinize the use of cryptocurrencies for money laundering.

According to the report, published last Friday the results of its last meeting, the group stated that it took into account the findings of the recent report about the risks of money laundering through crypto-currencies and regulations implemented in different countries in this field. In the result, the FATF decided to implement additional initiatives to address the risks of illegal use of cryptocurrencies.

The group, founded in 1989, consists of the Ministers of the countries members of the organization that help to define standards and implement legal, regulatory and operational measures for combating money laundering, terrorist financing and other cross-border financial crimes.

Although the Agency has yet to develop specific policies to implement the planned measures, the results of the meeting demonstrated the growing interest of global regulators in respect of illegal use of cryptocurrencies, which could undermine the global financial system.

According to news Agency Yonhap, South Korea, the financial regulator of the country — the financial services Commission is asked to report to the 36 States members of the group about his work on the introduction of measures in compliance with rules for combating money laundering for South Korean cryptocurrency exchanges.

Not so long ago the government banned the cryptocurrency trade through anonymous accounts and ordered exchanges to implement mandatory verification of identity for all clients before to continue their work. In addition, South Korea is planned
the introduction of a licensing system cryptocurrency exchanges.

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