History of the FATF
In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989. Recognizing the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission and eight other countries.
United States
Lead Ministry/Authority in the FATF Delegation -> US Department of the Treasury (en)
Who oversees: http://www.fincen.gov/
So it's a higher power than FinCEN. There are several other organizations the US is a member of including:
One of the Co-operating and Supporting Nations (COSUNs) of CFATF
Member of APG
Observer to the EAG
Observer to ESAAMLG
Observer to GAFISUD
Observer to MONEYVAL
Observer to MENAFATF
Topic: Being exempt from MSB licenses? (Read 1325 times)
You should familiarize yourself with the FATF and the Egmont Group.
By FATF you mean FinCEN, right? Who is a member of http://www.egmontgroup.org/
WOW, thanks for the info that's NEW TO ME!
No, by FATF, I mean the Financial Action Task Force.
You should familiarize yourself with the FATF and the Egmont Group.
By FATF you mean FinCEN, right? Who is a member of http://www.egmontgroup.org/
WOW, thanks for the info that's NEW TO ME!
You should familiarize yourself with the FATF and the Egmont Group.
yeah the whole goal is to start outside of the states gain some profits, and then get registered with all 50 states and properly transact. If you don't have deep pockets though it's very tough starting up in the US.
Would operating outside the US and not accepting any US customers make you exempt from MSB rules and regulations?
U.S. MSB rules and U.S. regulations, yes. You may have similar rules and regulations for that jurisdiction however.
Yeah but at least you wouldn't have to deal with 50 States, FINCEN, the government, NSA, FBI, a culture of litigation etc. etc.
To put it another way - the States is probably the worse place on the planet to start a bitcoin business.
I'm still wondering why the Bitcoin Foundation is located in the States ....
Would operating outside the US and not accepting any US customers make you exempt from MSB rules and regulations?
U.S. MSB rules and U.S. regulations, yes. You may have similar rules and regulations for that jurisdiction however.
Would operating outside the US and not accepting any US customers make you exempt from MSB rules and regulations?
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