Exclusive: FATF’s New Crypto Surveillance System is Fake News

On August 9th, a story that seems to have originated on Japan-based news source Nikkei Asian Review spread across the crypto media. The story claimed that under the guidance of the Financial Action Task Force (FATF), 15 countries had teamed up to create a new system that would collect and share personal data. The story was reported on a number of reputable crypto industry websites, including Finance Magnates. However, the story is, in fact, incorrect–there is no such task force being formed.

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FATF Senior Policy Analyst Tom Neylan has confirmed in a call with Finance Magnates that “the [FATF] not developing any systems–and we wouldn’t take the data anyway,” Neylan confirmed–after all, FATF is not a law enforcement body, nor is it in the business of creating technological solutions; it merely “set standards and [promotes their] effective implementation.”