Some 15 countries, including Australia and Singapore, are reportedly banding together to create a data collection and sharing system on individuals carrying out cryptocurrency transactions.
According to Nikkei, the common goal would be to prevent funds from being laundered or used to finance terrorist organizations.
The system will be designed by the Financial Action Task Force, an organization spanning across more than 30 member countries tasked with combatting money laundering, and the objective is to establish detailed measures by 2020.
It is hoped the system, which will be operated by the private sector, will be active a few years later.
Regulators and governments across the globe have been struggling to deal with the rapid rise of cryptocurrency ever since Bitcoin first burst on the scene some 10 years ago.
Japan, the home of now-defunct Mt.
ISLAMABAD: While allowing a four-month lifesaver, the Financial Action Task Force (FATF) has firmly asked Pakistan to quickly finish its full activity plan by February 2020 and up to that point the nation will stay on the ‘grey list’.
The Paris-based FATF explored measures taken and progress made by around 15 nations, including Pakistan, combating the financing of terrorism and vis-à-vis anti-money laundering (CFT/AML) in its five-day, which concluded on Friday.
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Toward the finish of the gathering, three nations — Iceland, Mongolia, and Zimbabwe — were added to the grey list, while Sri Lanka, Tunisia, and Ethiopia were expelled from the list as they have satisfactorily consented to the FATF suggestions.
The news isn’t that great on account of Pakistan as the worldwide watchdog warned of activity on the off chance that critical and supportable advancement isn’t made over the full scope of activity plan by the following entire booked for February 2020, an announcement gave by the FATF said.
The activity, it included, could incorporate the FATF approaching its members and urging all jurisdictions to advise their budgetary foundations to give attention for transactions and business relations Pakistan.
Money laundering can encourage illegal activities and must be stopped urgently.
Sentrient helps to identify and cease potential money laundering activities, ranging from suspicious customer behaviour, international transactions, larger than normal transactions and suspicious transactions.
