Report: G20 Members to Push Crypto AML/CTF Regs in June Meeting

 

 

 

 

 

When finance officials and central bank governors from G20 member states meet in Fukuoka, Japan in June, they will reportedly discuss anti-money laundering and counter-terrorism financing regulations, Japanese media reported late this week.

The gathered G20 representatives are expected to discuss issues related to crypto anonymity, a key concern in the battle to thwart criminals and terror groups from using digital currencies to finance their activities. According to local reports, the officials are “expected to agree on new regulations” to help prevent those illicit activities.

To accomplish that, member states will focus on requiring greater transparency for asset transfers by “keeping pace with the stricter identification of customers” engaged in digital asset transactions.

The members are also reportedly focused on preventing rogue states from using cryptocurrency to evade sanctions , with specific attention given to North Korea. Numerous reports in recent years have suggested that the North’s regime has been hacking and stealing crypto assets in an attempt to mitigate the impact of international sanctions:

The virtual currency has high anonymity of the transaction, and there is a suspicion that North Korea is stealing it by cyber attack and using it as a funding source. Although the G20 is expected to avoid its name in the statement, it also aims to stop North Korea's escape from economic sanctions.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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