G20: Crypto Money Laundering, Terrorism Financing on Agenda

By Daniel T. | April 10, 2019
G20: Crypto Money Laundering, Terrorism Financing on Agenda

Part of the agenda for this year’s G20 meetings to be held in Japan in June will include a framework to combat money laundering and terrorism financing risks linked to cryptocurrency.

According to local newswire Kyodo News (Apr 4), the meeting of finance ministers and central bank governors of G20 member states in Fukuoka on June 8 and 9 is expected to agree on regulation to keep these risks in check. The key behind the possible regulatory framework is in maintaining transparency in the flow of digital assets and upholding stricter forms of identity verification.

Due to the relative anonymity of crypto, Kyodo says there is suspicion North Korea could be using it as a funding source by stealing it through cyber attacks. It also said that while the G20 is expected to keep explicit mention of North Korea out of its statement, the grouping aims to prevent the country from skirting economic sanctions.

Fellow Japanese wire Jiji Press reported previously that G20 countries had called for international taxation of crypto during their summit in December last year. It is understood the issue will be raised for greater consideration during this year’s summit in Osaka on June 28 and 29.

The G20 (Group of Twenty) is an international forum of the governments and central bank governors from the EU and 19 other countries. Its focus is to discuss policy relating to the stability of the international financial network. Under its structure of having a rotating chairmanship amongst its members, Japan is this year’s G20 chair.

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