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IAN CARRINGTON

Abstract

In 1989 the G-7 Summit established the Financial Action Task Force (FATF). The original mission of the FATF was to study the problem of money laundering by criminal organizations and to propose measures for standardizing anti-money laundering (AML) regimes. The FATF’s first recommendations were issued in 1990, then updated in 1996 and again in 2003. In 2001 the FATF took on the added task of recommending measures for combating the financing of terrorism (CFT).

Mr. Tommaso Mancini Griffoli, Mr. Maria Soledad Martinez Peria, Mr. Itai Agur, Mr. Anil Ari, Mr. John Kiff, Ms. Adina Popescu, and Ms. Celine Rochon
Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.