Paraguay Audits Local Crypto Industry to Prepare for FATF-Style Regulations

Paraguay is preparing to take its nascent cryptocurrency industry mainstream. Last week, the Latin American country’s anti-money-laundering (AML) chief, the Secretary for Preventing Money and Property Laundering (SEPRELAD), announced a nationwide crypto survey. Every one of Paraguay’s virtual asset service providers (VASPs) was directed to open their books to the government for the first time. The […]

Continue Reading

FATF Joins BIS In Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

Stablecoins pose a money laundering and terrorist financing risk to the world, the Financial Action Task Force (FATF) said Friday. In documents released after its latest meeting, the intergovernmental organization referred to cryptocurrencies as a “major strategic initiative,” and said cryptos whose values are pegged to fiat currencies could have a particularly big impact. Some […]

Continue Reading

How Anti-Money-Laundering Rules Hinder Libra’s Mission to Reach the Unbanked

This is the second of a two-part series on why non-profits are participating in the Facebook-initiated Libra Association. For the first story in the series click here. The Takeaway: The Libra Association is thinking of radical approaches to reach the unbanked in certain locations, including a “step-ladder” approach to know-your-customer (KYC) regulations. The Financial Action […]

Continue Reading