Standards Setter Warns Of Rising Cryptoasset AML Threat

Law360, London (October 15, 2020, 1:38 PM BST) -- A global anti-money laundering body has urged governments to implement anti-money laundering standards to guard against risks posed by stablecoins, after it emerged that some states have still not incorporated new measures into their regulatory frameworks.

The Financial Action Task Force has new standards that apply to stablecoins and AML obligations. But, so far, only 25 of its 39 members, including a dozen G-20 countries, have incorporated the measures, Marcus Pleyer, president of the task force, told a meeting of G-20 finance ministers and central bank governors on Wednesday.

"It is clearly important that all countries make these changes as a...

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