PARIS—Thirty-five countries and the European Commission have asked the Financial Action Task Force (FATF), responsible for setting global anti-money laundering (AML) policies, to revise its standards relating to cryptocurrencies.
The organization promised to present its revised AML countermeasures for cryptocurrencies at the upcoming G20 meeting of finance ministers.
At the Financial Action Task Force meeting in Paris, held between Feb. 18 and 23, members representing 35 countries and two organizations “urged the global body to improve the understanding of money laundering risks relating to cryptocurrencies,” Bitcoin.com reported.
Established in 1989, the FATF is an inter-governmental body whose objectives are to set standards and promote effective implementation of measures to combat money laundering, terrorist financing, and other related threats.
The FATF currently comprises 35 member jurisdictions and two regional organizations. Member countries include China, France, Germany, India, Japan, South Korea, Russia, South Africa, Sweden, Turkey, United Kingdom and the United States. The two organizations are the European Commission and the Gulf Co-operation Council.