G20 Leaders committed to "regulate #crypto-assets for anti-#moneylaundering and countering the financing of terrorism in line with FATF standards".
FATF Report to the #G20 Leaders' Summit https://t.co/ZZECBoAZSc pic.twitter.com/njbTxzH8TL
— FATF (@FATFNews) December 3, 2018
According to Jevans, cybercriminals will try to get around the tough AML laws by resorting to techniques such as “crypto dusting.” This is where thousands of people receive a tiny amount of tainted cryptocurrency, serving to undermine their reputations and confusing security tools. Like emailing spamming, except by using dirty coins.
However, Jevans told Bitcoinist that he was confident the cryptocurrency industry would soon have the situation under control.
As regards cybercrime, In 2003-2010 we saw huge financial losses for online banking and investing customers due to phishing attacks and malware. But the banks got that under control, as did the regulators. And today everyone uses online banking and online investing. The crypto industry is undergoing the same phase now.
The FATF has a pretty large challenge ahead if it’s to prevent organized crime from laundering the dirty funds they steal. But hopefully, CipherTrace’s statistics will look a lot different this time next year (and the price of bitcoin as well).
Will cryptocurrency theft increase in 2019? Share your prediction below!
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