The Financial Action Task Force on Combating Money Laundering (FATF) is going to develop standards for countering money laundering and terrorist financing (AML/CFT) against cryptocurrency transactions.
This was reported by Elina Sidorenko, head of the working group of the State Duma of the Russian Federation on risk assessment of the turnover of cryptocurrency, in her Telegram channel.
According to her, the FATF has already sent out special questionnaires to the participating countries in order to identify the main risks of the turnover of the cryptocurrency, and also prepared a general report on the real and potential risks of legalization of criminal proceeds.
"The main recommendation of the FATF in preparing for a special discussion is raising the awareness of states about effective methods of investigation and encouraging the exchange of information at the international level (in bilateral and multilateral formats) by creating special channels", she wrote. "It is emphasized that all participants in the global AML / CFT network will have to develop these competencies."
Sidorenko believes that the actions of FATF mean the formation of a special information base about dubious projects and channels of cryptocurrency transactions not only in Russia, but also in the world. Since already more than 40 delegations responded to the Request for Information, the database will be formed in the nearer future.
Among the listed FATF main risks and negative aspects:
• Significantly increased number of reports of suspicious transactions. In general, the increase in the number of messages is from 230% (Spain) to 3500% (Malaysia) per year;
• use of cryptocurrency by organized crime;
• high criminological risks of using Bitcoin;
• use of cryptocurrency in the context of illegal drug trafficking;
• growth of hidden mining;
• use of cryptocurrency by cybercriminals;
• the spread of fraud using ICO.
According to Sidorenko, the FATF intends to create rather rigid mechanisms to counteract the legalization of criminal proceeds using cryptocurrency, which the organization will start developing at the end of June 2018.