FATF Plenary Deals with Money Laundering from “Stablecoins,” the Use of Digital Identity, and Beneficial Ownership

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Wednesday, October 30, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
11
Abstract: 

On October 18, 2019, the Financial Action Task Force (FATF) President Xiangmin Liu of the People’s Republic of China (PRC) chaired the first meeting under the Chinese presidency.  It dealt with two major strategic initiatives: the money laundering risk from “stablecoins” and other emerging assets; and understanding and leveraging the use of digital identity.  The meeting also considered promoting and facilitating more effective supervision at a national level, best practices on beneficial ownership for legal persons, new work on combating the laundering of proceeds of illegal wildlife trade, and a strategic review.  The plenary also reviewed mutual evaluations, including issues experienced by Pakistan and Iran.