a new AML law package which increases the reporting requirements of crypto asset service providers when sending and receiving ‘anonymous’ payments between self-hosted wallets and custodial service providers, in addition to limits on cash transactions and the establishment of a ‘central watchdog’ agency, which will develop regulatory technical standards.
But MONEYVAL’s report appears to fail to back its claims with sufficient data points, merely making note of the progress of implementation of virtual asset regulations. The report highlights that “a 2022 typologies study will be dedicated solely to cryptocurrency money laundering trends,” suggesting that no such study existed at the time of writing.
Papers published by the World Bank on crypto asset adoption do not provide much more insight into the impacts of cryptocurrencies on AML/CFT efforts either – The papers “academic paper The assessment highlights statements made by the ECB, which “pointed to a lack of reliable statistics” on financial flows associated with cryptocurrencies. It further highlights statements made by the IMF, finding that “significant data gaps continue to make it difficult to assess the true extent of VA use in the financial system, which also hampers risk analysis by financial authorities”.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Samourai Wallet mixer co-founders arrested on AML, licensing chargesExecutives of the cryptocurrency mixer Samourai Wallet were arrested on money laundering and other charges on April 24.
Source: Cointelegraph - 🏆 562. / 51 Read more »