The G20 Finance Ministers and Central Bank Governors held a meeting between July 21 and 22 in Buenos Aires, the capital of Argentina. After the meeting, a Communiqué was released which asked the Financial Actions Task Force (FATF) to clarify its standards applying to crypto-assets in this October.
Before the meeting, the FATF published a Report to G20 Finance Ministers and Central Bank Governors, pointing out its ongoing work to fight money laundering and terrorist financing in the areas of:
The Ministers and Governors are aware of benefits to the financial system and cross-border economy brought by development of tech transformation. Simultaneously, the group also keeps in mind that tech innovations, including those underlying crypto-assets, can raise issues with respect to consumer and investor protecting, market integrity, tax evasion, money laundering and terrorist financing. In this case, the G20 Group will continue the March commitments related to the implementation of the FATF standards, which are supposed to be released in 3 months.
The G20 Groups stressed the importance of implementing BEPS package led by the OECD, as well as the consensus to work on the digital economy taxation issue. The Ministers also support enhanced tax certainty and tax capacity building, including through the global Knowledge-Sharing Platform for Tax Administration under the umbrella of the Platform for Collaboration on Tax.
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