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The Financial Action Task Force (FATF), an intergovernmental financial security body, has demanded the United Kingdom step up its cryptocurrency monitoring. According to a new report released Dec. 7, the country needs increased measures to prevent money laundering and combat terrorist financing (CFT).
As part of its dedicated "mutual evaluation" on the U.K.'s Anti-Money Laundering (AML) and CFT efforts, the FATF identified the need to give its mechanisms for reporting suspicious activity to "significant overhaul."
In addition, certain sectors of the economy – do not show enough "understanding of their risks" vis-a-vis cryptocurrency-based money laundering or "how to effectively mitigate them."
"Virtual currency exchange providers are not yet covered by AML / CFT requirements," the report notes, continuing:
ML / TF is occurring in the UK through this relatively small sector. "
The U.K. It is currently in the midst of a regulatory shift in how it deals with its aspects of its domestic cryptocurrency industry.
Some months ago, the soundtrack of the future came from a few months ago.
The FATF acknowledged authorities had "identified regulations for the AML / CFT requirements to this sector".
Under its "recommended actions," the body urged the U.K. to "progress plans to extend AML / CFT requirements and related supervision to virtual currency exchange providers".
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