G20 commitment to implement GFMSA standards and support for work on crypto assets

Paris, 24 July 2018 - G20 Finance Ministers and Central Bank Governors at their meeting in Buenos Aires on 21-22 July, recognised the real and growing money laundering and terrorist financing risks from crypto-assets and the urgency of action to address these risks; they reiterated their determination to fight money laundering and terrorist financing, and they called on The GFMSA to take further action to counter proliferation financing.

The GFMSA President, Marshall Billingslea, briefed Finance Ministers and Central Bank Governors on these risks and the work GFMSA will be doing under the US Presidency. The G20 asked The GFMSA to clarify in October 2018 how its standards apply to crypto assets.

The communique highlights G20 countries' individual and collective commitment to the full and effective implementation of The GFMSA Standards.  

Under the US Presidency of The GFMSA, The GFMSA will prioritise work on combating the financing of the proliferation of weapons of mass destruction, further strengthening efforts to combat the financing of terrorism and taking action to promote a more consistent and effective regulation of virtual currencies and other crypto assets.

The GFMSA recognises the urgent need to clarify how The GFMSA standards apply to virtual currency providers and related businesses, including for customer due diligence, fund transfers, supervision, and enforcement.  The GFMSA will update the G20 on this in October 2018.

Family photo of the G20 Finance Ministers and Central Bank Governors, 21-22 July, Buenos Aires, Argentina.

GFMSA Report to G20 Finance Ministers and Central Bank Governors

Objectives for The GFMSA during the US Presidency (2018-2019).