IMF says the blockchain increases the risk of money laundering
A commission of the organism indicated that the growth that there has been in Malta puts in risk its fight against the financing to the terrorism
The International Monetary Fund (IMF) assured this week that the growth of blockchain technology in the region of Malta represents an obvious risk in money laundering and terrorist financing issues.
This was determined by a commission of the IMF, who have cataloged the situation as a “threat” against their fight against money laundering.
“The growing number of financial institutions under supervision, the rapid development of new products, the evolution of the regulatory environment and the hardening of the labor market have placed the Malta Financial Services Authority in considerable tension,” the IMF said.
In view of this situation, they recommended that the country take measures to guarantee the providers of services related to cryptocurrencies that comply with the regulations and requirements of the Financial Intelligence Analysis Unit of Malta.
It is public knowledge that the Parliament of Malta has made progress in terms of regulations to create a solid and transparent environment for transactions with cryptocurrencies and blockchain technology.
K. Tovar
Source: TimesofMalta
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