| IMF on Malaysia Cites FOIA
and Money Laundering After Inner City Press
Asks of Corruption
By Matthew
Russell Lee, Patreon
BBC
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Source
SDNY COURTHOUSE,
Feb 13 –
Before the International
Monetary Fund's February 13
embargoed briefing,
Inner City Press asked the IMF
to confirm or deny something
in the crypto-currency media,
that "IMF ADVISES EASTERN
CARIBBEAN STATES TO TRIAL
DIGITAL CURRENCY."
Inner City Press
covers not only the IMF but
also all things crypto in the
U.S. District Court for the
Southern District of New York,
for example SEC
v. Telegram and the
prosecution of Virgil
Griffith formerly of
Ethereum. See below.
On February 28
the IMF on a delay issued a
report on Malaysia, ending
with money laundering:
"February 28, 2020: On
February 7, 2020, the
Executive Board of the IMF
concluded the Article IV
consultation with
Malaysia. Malaysia’s
economy is stable despite
domestic and external
challenges. Growth has
averaged just under 5 percent
over the past 5 years, leading
to higher per capita income.
Economic growth has held up,
and is estimated at 4.5
percent in 2019, driven by
domestic demand... Directors
commended the authorities’
progress in developing and
implementing governance
reforms. They stressed the
importance of sustaining the
momentum and anchoring the
reforms in legislation,
particularly to help secure
the independence of
anti-corruption institutions,
freedom of information, and to
establish an asset declaration
system. Further strengthening
the AML/CFT framework will
also be important."
On
February 13, Inner City
Press asked the IMF, "It is
reported that to the Eastern
Caribbean Currency Union, the
IMF suggests to experiment
with a common digital
currency, on a blockchain. Can
you elaborate?"
While IMF
spokesperson Gerry Rice during
the briefing answered
Inner City Press' Somalia and
Egypt questions, it was
afterward that this answer
arrived by e-mail,
"attributable to Gerry Rice,
IMF Spokesman and Director of
Communications:
'The IMF did not
suggest to experiment with a
common digital currency. In
March 2019, the Eastern
Caribbean Central Bank (ECCB)
launched a central bank
digital currency pilot
project, using blockchain
technology, on its own
initiative.
As noted
in the IMF Concluding
Statement of the 2019
discussion on the common
policies of the Eastern
Caribbean Currency Union
(ECCU) member countries, the
digital currency could expose
the ECCB and the financial
system to various risks,
including for financial
intermediation, financial
integrity, and cybersecurity.
Given these risks of the
digital currency, the IMF
stressed that the ongoing
pilot project should proceed
cautiously.”
So there. (A
OneCoin / Bulgaria question
remains outstanding). We
appreciate the IMF's answer.
Watch this site, for IMF news
and... all things crypto,
good, bad and ugly.
***
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