UK exchanges deemed to pose "low" risk for money laundering, terrorist finance

12 Dec, 2018
by David Borman
News
UK exchanges deemed to pose low risk for money laundering, terrorist finance

It is being reported by CCN that the Financial Action Task Force, or FATF, recently assessed that it seems crypto platforms in the UK are generally at a low risk for criminal activity.

The FATF released a report on the subject in which it claims that while issues such as money laundering and funding international terrorism are real concerns with crypto, it seems exchanges in the UK are stepping up to enact the correct policies to combat such practices.

From the article:

“The UK acknowledges the inherent vulnerabilities associated with the anonymity of VCs, and while the risk of ML/TF in this area is assessed as low, the UK acknowledges that there are intelligence gaps and VCs are being used in illicit activity (particularly in online marketplaces for the sale and purchase of illicit goods and services). As a result, the UK intends to regulate virtual currency exchange providers under its implementation of the EU’s fifth Anti-Money Laundering Directive.”

The FATF added that it is not time to relax, and it will take vigilance to stay ahead of the new world arising from this technological revolution. Hopefully by continuing with logical and not stifling regulations, the UK can be come a hot spot for crypto in the future.

This all comes at a time that it seems regulation is being embraced worldwide. Recently the G20 countries agreed that a worldwide taxation system needs to be built, and other nations around the world are exploring or rolling out their own regulations.

Read more: G20 countries seek to build a taxation system for cryptocurrencies, Spanish ruling party will introduce cryptocurrency regulation in the coming days

This could be an exciting time for crypto as we see the birth of real regulation. Fingers crossed!

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Read more about: United Kingdom

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