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FATF Rejects Allegations on Development of Crypto Transaction Tracking System

The Financial Action Task Force on Money Laundering is not developing the system of monitoring in the framework of anti-money laundering actions. Although, the authority doesn’t reject the interaction with the companies developing different systems.

Earlier, the information has been spread by a wide range of media outlets referring to Nikkei Asian Review. Nevertheless, according to the FATF Senior Policy Analyst Tom Neylan, it is fake news.

“The FATF not developing any systems–and we wouldn’t take the data anyway,” he said.

The FATF is not a law enforcement body, nor is it in the business of creating technological solutions; it merely “set standards and [promotes their] effective implementation.”

However, the FATF is “talking to and working with the private sector as they are developing systems, but it’s important that they are their systems and that they own them.”

Neylan emphasized that the FATF standards issued in late June are not something new.

These are the same requirements that already apply to banks and other financial institutions,” Neylan said. “So it’s not something new that we’re doing with the crypto sector–it’s the same sort of customer due diligence that is already applied by traditional financial institutions.”