About 15 countries plan to develop a crypto system to combat money laundering

Governments of about 15 countries, including Australia, Singapore and the Group of 7 (G7) members, have joined hands to develop a system to fight money laundering in cryptocurrencies.

The system would collect and share personal data on individuals who conduct cryptocurrency transactions, and would be managed by the inter-governmental body, the Financial Action Task Force (FATF), Nikkei Asian Review reported Friday.

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“The goal is to draw up detailed measures by 2020, and to have the system up and running a few years later,” per the report.

Last month, there were reports that the Japanese government is leading the development of a SWIFT-like network for cryptocurrency payments to combat money laundering, and that the development will be monitored by the FATF.

The inter-governmental body recently released its final crypto guidelines, which compel exchanges to collect and transfer customer information. Later, the Group of Twenty (G20) also officially welcomed the guidelines.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.