G20 finance ministers and central bankers have said that they remain committed to applying the recently amended Financial Action Task Force (FATF) standards for anti-money laundering (AML) and countering the financing of terrorism to crypto assets.
Following a G20 meeting held in Fukuoka, Japan, the financial leaders of the group published a communique, in which they commented on the nascent cryptocurrency sector and its role within the wider framework of the global economy. The group acknowledged that technical innovations “including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy”. The communique also indicates that the group does not view cryptocurrencies as posing a threat to global financial stability, at least at the moment. Nevertheless, the group remains “vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT)”.
“We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT,” the communique reads. “We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month.”
As it was reported last month, the FATF is expected to toughen the rules under which crypto exchanges operate. The amended standards are expected to include a requirement for exchanges and other crypto service providers to pass user information to each other when transferring funds.
In yesterday’s communique, the G20 financial leaders also called regulatory bodies, including the Financial Stability Board (FSB), to “monitor risks and consider work on additional multilateral responses as needed”.
“We also continue to step up efforts to enhance cyber resilience, and welcome progress on the FSB’s initiative to identify effective practices for response to and recovery from cyber incidents,” the communique also reads.
Featured image: NicoElNino / Shutterstock.com
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