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Crypto
FATF warns offshore crypto firms could facilitate money laundering, sanctions evasion
The Financial Action Task Force has warned that offshore crypto service providers could facilitate illicit finance such as money laundering and sanctions evasion, Cointelegraph reported. FATF said offshore firms can exploit regulatory differences to avoid supervision and undermine anti-money laundering and counter-terrorism financing rules, citing multinational operating models. It urged countries to tighten oversight of offshore crypto firms serving their markets, strengthen registration and licensing requirements, and expand cross-border cooperation.
Crypto
FATF warns stablecoins could be used to evade sanctions
The Financial Action Task Force warned in a new report that peer-to-peer stablecoin trading and self-custody wallets create regulatory blind spots and require stronger oversight, Cointelegraph reported on Tuesday. FATF said broader stablecoin use in financial transactions, payments and cross-border remittances raises the risk of bypassing anti-money laundering rules. It called for enhanced monitoring and clear AML duties for entities issuing and distributing stablecoins.
Crypto
Dubai bans privacy coins on exchanges, tightens stablecoin rules
Dubai\'s financial regulator has banned the use of privacy coins on exchanges and strengthened stablecoin rules as part of a revised crypto regulatory framework, CoinDesk reported. The rules apply to exchanges regulated in the Dubai International Financial Centre, shift responsibility for token approvals to firms and tighten the definition of stablecoins. The measures also prohibit privacy-coin trading, promotion, fund activity, derivatives and the use of mixers and tumblers, citing AML and sanctions compliance.