G20 Sets October Deadline to Review Cryptocurrency AML Standard

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  • October Deadline set by the G20 to review crypto AML standard.
  • Financial Stability Board offered the G20 some crucial standards for scrutinizing cryptocurrencies.

According to a statement, the G20 – a group of 20 finance ministers and central bank governors which was formed and held a meeting on cryptocurrency last March in Buenos Aires – is currently eyeing October deadline to review the cryptocurrency anti-money laundering (AML) standard.

The statement, which was released on 22nd July 2018, revealed that the 20 finance ministers and central bank governors from the G20 member countries held a conference over the weekend where the member countries recapped their stand on the plan to give digital assets a cautious monitoring.

Furthermore, the G20 has requested the Financial Action Task Force (FATF) to give a clarification on how its current anti-money laundering (AML) standard can be applied to digital currency within 3 months. FATF is an intergovernmental body created to combat terrorist financing and money laundering. According to G20 in the document:

“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. … We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”

Cryptona.co has earlier reported in March that the G20 held a meeting where it classified cryptocurrencies as an asset, and not as currencies and also requested from the FATF its anti-money laundering (AML) standard as part of its broad attempt to seek global regulatory recommendations on cryptocurrency issues.

It was reported last month that the FATF is making plans to create necessary AML rules for all operating crypto exchanges in the world. This action came as a result of FATF’s move last February to heighten its investigation into matters regarding cryptocurrency money laundering.

Prior to the G20’s meeting over the weekend, the Financial Stability Board had as at last week offered to the G20 some crucial standards for scrutinizing cryptocurrencies, in reply to the request from G20 last March.

Financial Stability Board focuses on evaluating and making recommendations on global financial systems to the G20.

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