The Financial Action Task Force (FATF) has said it will increase its monitoring of the use of cryptocurrencies in money laundering.
FATF, the global inter-governmental body that tackles financial crime, has said its decision follows its examination of the risks of cryptocurrency money laundering and the regulatory measures being adopted in different countries.
It has yet to explain exactly what form this increased monitoring will take. But its announcement indicates a growing awareness of the risks that cryptocurrencies may pose.
It is important to note, however, that although cryptocurrencies are a relatively new concept, the threat they pose is not. Businesses have always had to be aware of the dangers of money laundering and the need to prevent it.
As legislation in various countries places more responsibility on many in business to prevent money laundering, the threat posed by cryptocurrencies should be seen as yet another reminder of the need to have proper preventative measures in place.
Read our article: MAKING SURE YOU DO ENOUGH TO PREVENT MONEY LAUNDERING