FATF: Libra and other stablecoins will prevent the fight against money laundering

FATF: Libra and other stablecoins will prevent the fight against money laundering

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The spread of stablecoins like Facebook’s Libra can have serious implications for global efforts to stop money laundering and terrorist financing, said FATF President Xiangming Liu. It is reported by Reuters.

“If stable coins become widespread, this may lead to new risks associated with money laundering and the financing of terrorism,” said the head of the Group for the Development of Financial Measures to Combat Money Laundering.

He warned that stablecoins and the companies behind them will obey global standards for cryptocurrencies and traditional assets.

“Our task is to provide an adequate solution to the new risks associated with stable coins,” Liu Xiang emphasized.

Recall that the FATF tightened the requirements for the cryptocurrency industry, business and government should implement the new recommendations by June 2020.

FATF: Libra and other stablecoins will prevent the fight against money laundering

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