El Salvador bitcoin move opens banks to money laundering, terrorism financing risks -Fitch
FILE PHOTO: Representations of the Bitcoin cryptocurrency are seen in this illustration picture taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo
June 25, 2021
(Reuters) – El Salvador’s law making bitcoin legal tender means banks face higher risks, including of violating rules against money laundering and terrorism financing, rating agency Fitch said in a report on Friday.
The bitcoin move, set to take effect on Sept. 7, “would increase financial institutions’ regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards,” said Fitch.
The Philippines is again placed in the “grey list” of Paris-based Financial Action Task Force (FATF), one of 22 countries found with serious Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) deficiencies, which raises the risk of “dirty money” transactions on trade and remitt
FATF Retains Pakistan on Grey-List
Energy Minister Hammad Azhar claims government will complete APG action plan within 12 months
The Paris-based Financial Action Task Force (FATF) on Friday announced that Pakistan will remain on its grey list an increased monitoring designation until it has implemented the sole remaining point on a 27-point action plan agreed upon in June 2018, as well as six items on an action plan concerning money-laundering that has been demanded by the Asia Pacific Group.
“Pakistan has made significant progress and it has largely addressed 26 out of 27 items on the action plan it first committed to in June 2018,” said FATF President Marcus Pleyer in a virtual press conference after the global watchdog’s five-day plenary meeting. He said the remaining point concerned financial terrorism, including the investigation and prosecution of senior leaders and commanders of U.N.-designated terror groups. He also explained the new action plan that Pakistan had to
Read more about Malta placed on global money laundering watchdog s grey list for monitoring on Business Standard. A watchdog on the lookout for money laundering and terror financing said Friday it has placed the tiny Mediterranean island nation of Malta on a list for increased monitoring
The bitcoin move, set to take effect on Sept. 7, "would increase financial institutions' regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards," said Fitch