The Financial Action Task Force (FATF) said on Friday that regulators should subject Libra, Facebook’s mooted global payments platform, to recently introduced standards on crypto-assets.
The global standards-setting body for financial crime controls said that “global stablecoins”, the first of which Libra aims to become, “could potentially cause a shift in the virtual asset ecosystem and have implications for the money laundering and terrorist financing risks”.
FATF also made clear that the same applies for Libra’s global network of partners, which includes several payments and e-commerce firms.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial