Bitcoin and other cryptocurrencies will soon be subjected to rules designed to prevent their abuse for money laundering, in the first worldwide regulatory attempt to constrain them.
The Paris-based Financial Action Task Force (FATF) announced on Friday, June 21, new recommendations that further clarify the FATF’s October 2018 amendments to the international standards relating to virtual assets. The recommendations also describe how countries and obliged entities must comply with the relevant FATF recommendations to prevent the misuse of virtual assets for money laundering, terrorist financing and the financing of proliferation.
Peruse the details of the new recommendations, the October amendment and the rationale behind them.