G20 nations to impose a new framework to prevent Money laundering and terrorists financing activities
According to a report published in the local Japanese news outlet of Kyodo, the member of G20/Group of Twenty countries will be gathering in Fukuoka, Japan on June 8 and 9 this year. They are aiming to discuss and impose the new regulations for cryptocurrencies relating to anti-money laundering (AML) and terrorist financing.
Ever since the birth of the Bitcoin, crypto transactions are known for its association with a variety of illicit activities that include money laundering, financing terrorist activities, buying illicit assets from the dark market and many more. In addition to that, characteristic of staying anonymous or being untraceable make the cryptos even more suspicious. Several rules and regulations have already been implemented by governments of various countries to prevent these illegal activities. However, it looks like nothing seems to be working. This gathering of G20 nations may conclude some sort of solutions by imposing a strict regulatory framework.
According to the report and official plans, The G20 nations will be represented by central bank governors and finance ministers where the primary discussion will take place regarding the creation of a new framework to fight against the crypto-powered money laundering and terrorism financing. Previously, G20 nations had gathered to tighten the taxation system for international electronic payment services along with anti-money laundering regulations. At a time of Gathering it had been reported that the G20 nations would be meeting again this year “when Japan will be the president of the summit.”
Coming back to the upcoming summit of G20 nations, Kyodo on April 4 revealed that the group of twenty nations will draw a conclusion to reach an agreement over new regulations during this meeting. Further, anti-anonymity will be the key subject of the meeting. The group is aiming to create an extremely transparent transaction by imposing the uncompromising identification & verification of individuals who are transacting in crypto at the moment of transaction.
Last month, the founder and CEO of the Revolut – United Kingdom-based digital banking app came into limelight due to the allegation of a money laundering-related breach and lack of proper security and transparency during the crypto transactions. Hopefully, with this upcoming G20 summit countering the illicit activities of money laundering and financing terrorism will come to stop.