FATF Requested to Clarify Position on Cryptocurrencies & Virtual Trading

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The international FATF (Financial Action Task Force) has been advised to clear up how its tax evasion standards relating to:

Cryptocurrency funding.
Virtual currency suppliers.
Other related organisations such virtual traders.
After a gathering of G20 finance ministers last month, enthusiasm was expressed to implement the extra enforcements to address the ‘genuine and developing’ money laundering electronic tactic faced by the popularity of virtual currencies. The FATF will report back in October 2018, concentrating on client due diligence, money transfers, supervision and penalties.