Global Money-Laundering Watchdog Closely Monitoring Facebook’s Libra, Official Says

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The global anti-money laundering watchdog is closely monitoring developments on Facebook’s planned Libra cryptocurrency, its new head told Reuters on Tuesday, in the latest sign of growing regulatory scrutiny of the project.

The Facebook-led Libra project is mooted for launch by June next year. Regulators’ and politicians’ concerns range from the risks that Libra could be used to launder money to privacy and the possibility that it could upset financial stability.

“We want to make sure that if there are significant risks, they need to be addressed,” said Xiangmin Liu, the president of the Paris-based Financial Action Task Force (FATF), which acts as the global standard-setter on anti-money laundering.

Earlier on Tuesday, a senior U.S. Treasury official, speaking to reporters in Switzerland, said that Libra must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground.

Read the original article here: reuters.com


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