With the growth in the digital currency sector world over, the FATF, an organization set up look at money laundering activities on Friday said all the countries should tigten noose on such trades and avoid their misuse in illegal activities such as money laundering.
The FATF has been emanating concerns around cryptocurrencies that they are largely being deployed to launder the proceeds of crime.
In a statement the FATF said the countries will have to register and also supervise on such transactions and report any suspicious trades. "This will enable the emerging FinTech sector to stay one-step ahead of rogue regimes and sympathisers of illicit causes searching for avenues to raise and transfer funds without detection," U.S. Treasury Secretary Steven Mnuchin told a FATF meeting in Florida, according to remarks posted on the U.S Treasury website.
The move has come amid concerns wherein the central banks view these tokens as being threatening their status as guarantors of the financial system at large.