{"id":240898,"date":"2019-10-20T08:34:54","date_gmt":"2019-10-20T12:34:54","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=240898"},"modified":"2023-07-12T09:45:36","modified_gmt":"2023-07-12T09:45:36","slug":"fatf-singles-out-stablecoins-for-aml-and-ctf-threats","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/fatf-singles-out-stablecoins-for-aml-and-ctf-threats","title":{"rendered":"FATF Singles Out Stablecoins for AML and CTF Threats"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The Financial Action Task Force (FATF), an international enforcer of Anti-Money Laundering (AML) policies in the global financial space, has outlined the dangers that stablecoins provide as regards terrorist financing and money laundering.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Potential money laundering and terrorist financing enablers<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.fatf-gafi.org\/publications\/fatfgeneral\/documents\/outcomes-plenary-october-2019.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">document<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0released on October 18, the FATF convened a meeting of representatives from about 205 countries. In the meeting, which was led by FATF President Xiangmin Liu, several issues related to cryptocurrencies were discussed. The <a href=\"http:\/\/insidebitcoins.com\/news\/fatf-regulations-to-access-user-data-from-crypto-exchanges-endorsed-by-g20\/231573\">FATF<\/a> reportedly referred to cryptocurrencies as a \u201cmajor strategic initiative,\u201d while also adding that there could be some significant impacts brought about by the operation and adoption of fiat-backed stablecoins.\u00a0<\/span><\/p>\n<p><iframe title=\"Money laundering fears for virtual currency Bitcoin - BBC News\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/FE-Qvh4KojA?start=84&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">However, while the AML enforcer sees certain advantages to the adoption of cryptocurrencies, it singles stablecoins out, claiming that these assets could significantly affect the crypto ecosystem and change the landscape of terrorist financing and money laundering risks.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere are two concerns: mass-market adoption of virtual assets and person-to-person transfers, without the need for a regulated intermediary. Together these changes could have serious consequences for our ability to detect and prevent money laundering and terrorist financing,\u201d the publication wrote.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a second\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.fatf-gafi.org\/publications\/fatfgeneral\/documents\/statement-virtual-assets-global-stablecoins.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">document<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0titled \u201cMoney laundering risks from \u2018stablecoins\u2019 and other emerging assets,\u201d the FATF claimed that it would continue examining the characteristics of stablecoins and assessing their risks, with a possible amendment to its guidance on virtual currencies that will address these assets coming as well.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It read, \u201cThe FATF will continue to ensure its standards remain relevant and responsive, and it will report to G20 Finance Ministers and Central Bank Governors in 2020 on the risks from global \u2018stablecoins\u2019 and other emerging assets.\u201d<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Libra effect\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The timing of the criticism, as well as the language used, makes it difficult to shake the feeling that all this is due to the continued scrutiny that Facebook\u2019s Libra stablecoin has been able to garner.\u00a0<\/span><span data-preserver-spaces=\"true\">As an asset class and a subset of cryptocurrencies, stablecoins have been in operation for several years now. Tether, regarded by many as the world\u2019s first stablecoin, was first listed on an exchange in 2015, and in that time, there have been quite a lot of stablecoin projects to be introduced to the crypto space.<\/span><\/p>\n<p><iframe title=\"Senator Sherrod Brown thinks Facebook should stop Libra crypto plans\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/xgshVSALxeA?start=21&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">However, the announcement of <a href=\"http:\/\/insidebitcoins.com\/news\/fatf-regulations-to-access-user-data-from-crypto-exchanges-endorsed-by-g20\/231573\">Libra<\/a> changed the entire way that lawmakers and policy formulators have viewed stablecoins. Once thought to be just an asset class, many have begun to poke holes in the design and operation of stablecoins, dredging up potential dangers and risks along the way.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The report from the FATF is following a similar one from a G7 task force, which consisted of finance ministers and Central Bank governors. In the\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.bis.org\/cpmi\/publ\/d187.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">, the task force notes that till now, no cryptocurrency has been able to provide a reliable case for being a store of value and a payment system. As it notes, stablecoins were able to break that jinx.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the task force also notes that the continued operation of stablecoins could pose challenges with areas such as public policy, government oversight, and regulatory compliance. As expected, issues with money laundering, taxation compliance, and terrorist financing were mentioned as well.\u00a0<\/span><span data-preserver-spaces=\"true\">For more than one reason, it would seem that the hatred for Facebook and Libra has spilled over to other assets in its class.<\/span><\/p>\n<p><strong>Read more:\u00a0<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/financial-action-task-force-now-requires-exchanges-to-share-information-with-each-transfer\">Financial Action Task Force now requires exchanges to share information with each transfer<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The Financial Action Task Force (FATF), an international enforcer of Anti-Money Laundering (AML) policies in the global financial space, has outlined the dangers that stablecoins <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/fatf-singles-out-stablecoins-for-aml-and-ctf-threats\" title=\"FATF Singles Out Stablecoins for AML and CTF Threats\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":240900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[8011,1584,8595,8794,8349,7686],"class_list":["post-240898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-aml","tag-facebook","tag-fatf","tag-kyc","tag-libra","tag-stablecoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - 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