MONEYVALthe European Anti-Money Laundering and Terrorist Financing Supervisory Body (AML/CFT), has listed crypto industry oversight among professional “gatekeepers,” a priority for European countries in the fight against money laundering. Other activities present in the list include lawyers and accountants.
The cryptos like a threat AML
Moneyval is the anti-money laundering regulator of the European Commission, covering 47 European jurisdictions. Process pressure reviews and recommends coverage changes that affect legal reforms across the country.
In the conclusions of its annual report, MONEYVAL called on European jurisdictions to assess compliance with global requirements and implement stricter regulatory insurance policies to combat money laundering facilitated by the possession of cryptos.
The director of MONEVYAL, Elżbieta Frankow-Jaśkiewiczused the Pandora article as an example of how professionals acting as “gatekeepers” help the rich and corrupt launder money. She also claimed that the popularity of crypto assets used for money laundering is increasing:
She said: “The more modern development of money laundering due to the rise of the digital property industry, the growing use of cryptocurrencies internationally and different elements of the evolving ecosystem of the so-called “decentralization of finance or Challenge“.
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In addition, the report also concluded that in its regulated jurisdictions, the median stage of compliance with FATF requirements or Financial Action Task Force was below fair levels.
Indeed, 18 of the 22 jurisdictions assessed by MONEYVAL confirmed that the anti-money laundering requirements were not sufficiently respected. A European regulator will even conduct a separate study later this year to examine the characteristics of money laundering associated with digital property.
As regulators continue to push for scrutiny of the use of cryptocurrencies for money laundering and other illicit practices, new information from the blockchain rating agency chain analysis suggest that in 2021, less than 1% of the entire cryptocurrency supply in circulation have been used for illicit practices.
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A European regulator sees cryptocurrencies as a money laundering threat.
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