FATF closely monitoring Facebook's Libra crypto, official says

The Financial Action Task Force (FATF), an international money-laundering watchdog, is having a close watch on Facebook’s planned cryptocurrency, Libra.

Xiangmin Liu, president of the FATF, told Reuters on Tuesday that the watchdog wants to ensure “if there are significant risks, they need to be addressed.”


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“The anonymity afforded by virtual assets is being exploited by serious criminals. These activities are likely to be growing quickly, as law enforcement agencies are only seeing the tip of the iceberg,” Liu said.

Libra has been facing growing regulatory scrutiny ever since it was announced in mid-June. Around that time, the FATF also released its final cryptocurrency guidelines, mandating exchanges to collect and transfer customer information, in order to combat money laundering and terrorist financing.

Just yesterday, senior U.S. Treasury official, Sigal Mandelker, also said that Libra and all other cryptocurrencies must comply with U.S. regulations. “Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” she added.

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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.