Altcoin News: 15 Countries on a Mission to Develop System to Combat Money Laundering

August 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Several countries plan to create a new system for collecting and transmitting personal data of participants in cryptocurrency transactions, writes Nikkei Asian Review.

The goal of the initiative is to prevent money laundering, terrorist financing and other illegal activities.

The system will be created by the Financial Action Task Force (FATF). By 2020, it is planned to determine metrics for accounting, and to launch the system itself — several years later. After commissioning, system management will be transferred to the private sector.

Nikkei Asian Review notes that many countries have not yet managed to establish a regulatory regime for cryptocurrencies, so international cooperation can accelerate the relevant processes where necessary. Fifteen countries expressed their willingness to take part in the initiative, including Australia, Singapore, Great Britain, Germany, Italy, Canada, the USA, France and Japan.

On Thursday, it became known that the Japanese cryptocurrency exchange VC Trade is introducing a new multi-level customer identification system focused on compliance with FATF requirements.

Author: Marko Vidrih