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Japan to urge G20 for steps to prevent cryptocurrency use for money laundering

Reuters  |  TOKYO 

By Takahiko Wada

TOKYO (Reuters) - Japan will urge its counterparts at a meeting next week to beef up efforts to prevent cryptocurrencies from being used for money laundering, a government with direct knowledge of the matter said.

and central bankers of the Group of 20 major economies will meet in on March 19-20, with cryptocurrencies set to be on the agenda.

The Paris-based (FATF), a 37-nation group set up by the industrial powers to fight illicit finance, will report to the its findings on ways to keep cryptocurrencies from being used for money laundering.

Japanese policymakers fear that while there is broad consensus among the nations on the need for such steps, some nations have looser regulations than others, which leaves loopholes for money laundering, the said.

(Additional reporting and writing by Leika Kihara; Editing by Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 10:03 IST