China’s Lawyer: FATF’s Forthcoming Note Maybe Not Mandatory, But Valued By All Member States
According to Bloomberg, on June 21, the Financial Action Task Force (FATF), a multi-government effort that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system, will publish a note to clarify how participating nations should oversee virtual assets, FATF spokeswoman Alexandra Wijmenga-Daniel said in an email.
In this regard, Coin6 interviewed DING Jie, an experienced lawyer who is also a partner of a Chinese law firm "Duan & Duan Law Firm." DING Jie pointed out that the FATF is an international organization among global governments. Its opinion or note does not have mandatory enforcement, but one of the main responsibilities of the FATF is to provide global anti-money laundering and counter-terrorism suggestions and opinions to member states. Therefore, this opinion or note is likely to receive the attentions of all member states. DING Jie also stated that China had joined the FATF since 2007 and is one of the current members of the organization.
According to DING Jie, at the G20 Summit in Fukuoka, Japan, the Governor of the People’s Bank of China, YI Gang, met with Mr. Marshall Billingslea, the Chairman of the FATF.