IslamicFinance.de

The inter-governmental body Financial Action Task Force (FATF) announced that it would step up its efforts in monitoring the use of cryptocurrencies in money laundering. The pronouncement of the 37-member international body demonstrates the heightened Anti-Money Laundering (AML) concern from regulators across the globe concerning illicit uses of cryptocurrency. Several countries have already taken measures. The European Council has recently taken measures targeting exchange platforms for virtual currencies, such as Bitcoin, as well as prepaid cards. In the UK, the Parliament’s Treasury Committee launched a probe to examine both the impact of cryptocurrencies on financial institutions and how best to police the new technology. South Korea’s ban on anonymous trading of cryptocurrencies took effect on January 30. Given regulators’ intense focus on the industry, it is likely that cryptocurrencies will be a topic of discussion at the upcoming G20 summit in Buenos Aires, Argentina.