ALL NEWS

Facebook’s Libra keeps facing obstacles

The G7 finance chiefs noted that a number of regulatory matters require clarification prior to the cryptocurrency deployment.

Many regulators have shown concerns on the capacity of performing affective controls and to ensure compliance with Anti-Money Laundering requirements.

It appears that the announcement from Facebook came unexplained with how the Libra project plans to comply with with a number of regulatory requirements and this created further concern as to the extend of the understanding of the regulatory framework.

Japans delegate noted that the global aspiration of Libra requires a global consensus from regulators to ensure oversight.

As a final concern was pointed out that will be hard to find a consensus at global level when such consensus cannot be reached at G7 level.

Source

https://www.reuters.com/article/us-g7-economy/g7-finance-chiefs-pour-cold-water-on-facebooks-digital-coin-plans-idUSKCN1UC0IC

Tags

Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker