The Group of Twenty “G20” urges governments to implement the crypto standards set by the “FATF”
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Answer The Group of Twenty “G20” urges governments to implement the crypto standards set by the “FATF”
The G20 urged countries to implement crypto standards set by the Financial Action Task Force (FATF), the international anti-money laundering watchdog.
stated With this, the finance chiefs of the Group of Twenty at a meeting held at the end of last week in Riyadh, Saudi Arabia, stated the following:
Building on the 2019 Leaders Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related service providers.
The FATF released its final crypto guidelines in June, which require exchanges to collect and transfer customer information during transactions.
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It includes the name of the originator, account number and location information, as well as the name of the beneficiary and the account number of the beneficiary.
The G20 members formally endorsed the FATF guidelines last July.
At the Riyadh meeting, the G20 heads of state reiterated their October statement on stablecoins, saying that these projects need proper evaluation before starting operations.
The G20 leaders added in the statement:
We recognize the need to enhance global cross-border payment arrangements to facilitate cheaper and faster transfers, including money transfers.
We request the FSB, the Financial Stability Board, in coordination with the Committee on Payments and Market Infrastructure (CPMI) and other relevant standard-setting bodies and international organizations, to develop a roadmap for strengthening global cross-border payment arrangements by October 2020.
The FSB is preparing a report on regulatory issues for stability contracts and expects to submit an advisory report to the G20 in April 2020 and a final report in July 2020.
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