FATF aims to tackle financial crime. The Task Force was founded in 1989. It consists of ministers from its member jurisdictions who help determine standards and execute legal, regulatory and operational measures to fight money laundering, financial crimes, and others.
According to a memo of its latest meeting, FATF studied the findings of a recent report regarding the risks of cryptocurrency money laundering. It also took on board the regulatory measures being adopted in different countries.
It resulted in the implementation of additional initiatives to address the risks of cryptocurrency in money laundering. This meeting showed that there is a growing attention from worldwide regulators over illegal uses of cryptocurrency.
According to news agency Yonhap, financial regulator of South Korea, the Financial Service Commission has briefed a global anti-money laundering body on its obligations related to cryptocurrency transactions to tackle money laundering.