GCFFC Task Force to Drive Sanctions Compliance in Crypto

The founding members of the task force are Chainalysis, Elliptic, GDF and Safello, who will together work to support sanctions compliance in the crypto industry.

The GCFFC (Global Coalition to Fight Financial Crime) has announced the formation of a new task force to drive efforts to support sanctions compliance in the digital asset industry.

The ‘Digital Asset Task Force’ will bring together industry leaders committed to effectively fighting financial crime, the GCFFC said in a statement on Wednesday (13 April).

The task force members share the “same fundamental beliefs … These include the need to increase collaboration, to share information and to leverage innovation and technology, all to generate a more effective response [to financial crime].”

The formation of the new task force comes amid global efforts to address the risks of crypto assets being used for illicit purposes, particularly as concerns remain about their use by Russian actors to evade sanctions imposed over the Ukraine invasion.

An immediate priority of the task force will be to focus on sanctions circumvention risk, and drive urgent efforts to support sanctions compliance in the digital asset industry, the statement said.

The task force will seek to raise awareness of the extent to which, and how, digital assets may be used for sanctions evasion; encourage screening of digital asset transactions for links with sanctioned persons; and encourage information sharing between industry stakeholders and with law enforcement where appropriate.

The founding members of the new task force are Chainalysis, Elliptic, GDF (Global Digital Finance) and Swedish crypto brokerage Safello.

The task force is being co-chaired by Michal Gromek, chief compliance officer at Safello, and Caroline Malcolm, head of international public policy and research at Chainalysis.

Malcolm Wright, vice chair of the Advisory Council at GDF, will also serve on the task force, which will invite additional third-party experts to participate in its work.

Interested parties can email [email protected].

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