Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as global regulatory firm based in Paris with a membership roster of countries such as China and the United States, has said it will boost its examination of digital currencies with an eye on money laundering. That may lead to draft rules and greater oversight than has been seen to date. The FATF has also said crypto companies and exchanges will be registered and will be required to report suspicious transactions, and to perform checks on customers.
As reported, Simon Riondet, who serves as the head of financial intelligence at Europol, has said that money laundering through the use of cryptocurrencies has become more widespread. Europol has found evidence of money laundering at cryptocurrency ATMs. And, as reported by Reuters, at least one cryptocurrency, Monero, has been able to hide all details of a transaction.