G20 Sets October as Deadline for Crypto Anti-Money Laundering Guidelines

The G20 on Sunday issued a statement setting October as the deadline for reviewing a global Anti-Money Laundering (AML) standard on cryptocurrencies. The finance ministers and central bank governors of the G20 member countries in a meeting over the weekend reiterated their position on a plan to be vigilant as far as cryptocurrency transactions are concerned.

In the meeting, the finance ministers and central bank governors called on Financial Action Task Force (FATF) (an intergovernmental body set-up to check money laundering and terrorist financing) to outline and explain how it intends to apply existing AML guidelines to crypto transactions within the next three months.

As recently as last month, it had been reported that the FATF was planning to create rules and guidelines for cryptocurrency exchanges in order to have them comply with global AML regulations.

In a related move, the Financial Stability Board which is a body set-up to analyse and make recommendations to the G20 on global financial systems, last week presented some key metrics by which crypto assets and resultant transactions will be monitored. This they did in response to a request made by the G20 in March this year.