Colombian Money Laundering Watchdog Postpones Crypto Transaction Reporting Resolution

The UIAF, which is the Colombian wealth laundering watchdog, has postponed the day connected which exchanges and individuals indispensable commencement reporting their transactions to the organization. The instauration volition present unfastened a consulting play successful which companies and individuals tin contiguous their thoughts regarding the projected regulation, which mightiness beryllium modified earlier its exertion connected June 1st.

Colombian Watchdog Delays Report Resolution for Transactions

The UIAF, the enactment that controls and detects money-laundering and terrorism-financing activities successful Colombia, has delayed a solution that established the work for exchanges and individuals to study immoderate cryptocurrency transactions. The Colombian portion volition commencement receiving these reports connected June 1, alternatively of erstwhile it was established before, connected April 1.

The nonstop reasons down the hold were not specified successful the document, but the caller solution that establishes the postponement states:

In bid to guarantee that the submission of reports to the UIAF is implicit and meets the accusation needs of the entity, the request to widen the reporting commencement day was considered.

The caller solution besides states that organizations that person already sent successful their reports tin inactive nonstop them successful a voluntary way, but that nary penalties volition beryllium derived for not sending them earlier June 1st. This volition springiness much clip to accommodate to the regularisation that was established successful December 2021 with solution 314, portion the enactment receives commentary from antithetic groups connected the issue.

Objective and Criticism

The UIAF considered the request of overseeing cryptocurrency transactions successful Resolution 314, that established subjects indispensable study azygous transactions whose worth goes implicit $150, oregon groups of transactions whose worth goes implicit $450. For the intent of this, the Colombian enactment stated that:

Virtual assets person created a concern that merits the involution of the UIAF, to the grade that, though they are operations that successful Colombia are not amerciable by themselves, they tin lend themselves to illicit activities, owed to the anonymity oregon pseudonymity successful the transactions, the lack of enactment from the cardinal slope and the non-recognition arsenic an instrumentality that has liberating power.

However, this solution has faced dense disapproval from respective crypto-related personalities successful the country, who reason the immense measurement of information that volition person to beryllium delivered to the institution. Among these is Alejandro Beltran, Buda.com state manager for Colombia, who stated:

Reporting from USD $150 would contemplate a ample measurement of transactions, and the different associated information goes acold beyond adjacent the accusation that the exchanges themselves tin grip astir the operations.

What bash you deliberation astir the hold successful the exertion of the crypto transaction reporting solution successful Colombia? Tell america successful the comments conception below.

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