A new global standard to fight money laundering.
To help combat money laundering, the G20’s Financial Action Task Force (FATF) has long had an interest in enacting crypto-focused legislation.
Recently, during an interview with the Financial Times, FATF president Marshall Billingslea stated that a new global standard for the fight against money laundering was in the final stages. This global standard could be released as early as November, during the FATF plenary assembly.
Still, Billingslea said, “You can’t tilt too far in one direction or another with regulation since blockchain will continue to evolve.”
It makes strategic sense to fill gaps in national regulations. However, a global set of standards will need to be applied in all G20 countries.
The FATF is working to find some form of common consensus among all G20 countries. However, it doesn’t have the authority to impose regulations on member countries. A global standard means countries will have to adapt the laws independently.