G20 will develop standards to fight money-laundering with cryptocurrencies

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The member states of the G20 signed an agreement, according to which, they will join forces against crypto money-laundering.

It is reported that this weekend (July 21st-22nd) was a meeting of finance ministers and heads of central banks of the G20 participating countries. During the meeting, the importance of close monitoring of the sphere of cryptocurrencies was again underlined.

To develop the AML standard, the Financial Action Task Force on Money Laundering (FATF) will be involved, which explores the possibility of applying existing anti-money laundering measures against cryptocurrencies.

“Although crypto assets do not pose risks for the stability of the global financial system, it is necessary to remain vigilant. We repeat our March statements and ask the FATF to clarify the possibility of using existing standards for crypto assets,” was reported by the representatives of the G20 participating countries.