FATF want to enforce an AML regime for cryptocurrencies

Digital coins have been largely used by criminals to launder the profits of their illegal activities.

FATF noted that is time for states to channel the use of such assets by properly regulating the market and by setting professional obligations on exchanges and custodians.

This statement comes as concerns grow about the use of such assets and the impact the Facebook’s crypto currency Libra will bring.

In the case of Libra, a initial counter measure started as three European central bankers have claimed oversight over the cryptocurrency.

The framework proposed require from countries to register firms related to the business including exchanges and custodians of this sort of assets.

The professional obligations will include customer due diligence, cooperation with authorities and measures to prevent market abuse/manipulation.

Mr. Steven Mnuchin (US secretary of treasury) noted: “This will enable the emerging FinTech sector to stay one-step ahead of rogue regimes and sympathizers of illicit causes searching for avenues to raise and transfer funds without detection,”

FATF is looking at measures which start with collection on data up to transaction monitoring and requirements of transparency, nonetheless the latest appear to be difficult to achieve given the specificities of the block technology.



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.
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