G20 sets deadline for crypto money laundering standards

After this weekend’s G20 finance meeting the group issued a communiqué covering several matters including crypto-assets. They set an October deadline for the Financial Action Task Force (FATF) to report on how to apply existing standards to crypto-assets.

FATF

The FATF is an independent inter-governmental body that develops and promotes global policies to protect against money laundering, terrorist financing and financing of WMDs. In preparation for the G20 meeting, they published a report. This included a statement that “besides small-scale drug trafficking and fraud, the link between virtual currencies/crypto-assets and other predicate crimes appears to be growing.”

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