The Financial Action Task Force has a new president as Germany took over the presidency from China
The Financial Action Task Force (FATF) has just been handed over to Germany to take over instead of China. Intergovernmental organizations also emphasized the need for more guidance on cryptocurrencies, as many countries have not yet fully implemented the revised cryptocurrency standards.
Germany leads the way in the Financial Action Task Force
Marcus Pleyer, deputy director-general in Germany’s Federal Ministry of Finance, took over as FATF president from Xiangmin Liu from China. In it, Pleyer is Deputy General Director at the German Ministry of Finance. His two-year term as president of the anti-money laundering watchdog began on June 1.
Pleyer outlined his goals at the lastest FATF virtual plenary regarding the organization’s new standards on virtual assets as follows:
“The German Presidency intends to build on this work, focusing on the opportunities that technology can offer, by launching an initiative to monitor risks and explore opportunities.”
Compared to China, Germany is much friendlier to cryptocurrencies. Because the country began regulating the industry earlier this year, and at least 40 domestic banks have expressed interest in providing cryptocurrency services.
At the plenary session, FATF also revealed the results of the 12-month review they conducted about how each country implements its new cryptocurrency standards. In general, both the public and private sectors have made progress in implementing revised FATF standards, particularly in the development of technological solutions to enable the implementation of the ‘travel rule’ for VASPs (virtual asset service providers). ).
While insisting that there is currently no need for revised standards on crypto assets, the FATF did highlight the need for further guidance on virtual assets and VASPs.
The FATF believes:
This will help members of the FATF global network, many of whom have not yet fully implemented the revised standards, to make the necessary progress. The FATF will continue its enhanced monitoring of virtual assets and VASPs by undertaking a second 12-month review by June 2021.
FATF further confirms that its cryptocurrency standards apply to stablecoins, and there are no modifications to the standards required at this time. However, they realize that this is a rapidly growing area, and it is essential to continue to closely monitor the money laundering/terrorism risks of the so-called stablecoin. Includes anonymous peer transactions through anonymous wallet peer transactions.
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