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Clifford Chance

Clifford Chance


Facebook's Libra - the Financial Crime Risks

1 October 2019

Facebook’s proposed global digital currency, Libra, aims to provide instant money transfers using blockchain technology for the 1.7 billion adults globally without access to a traditional bank account. Facebook says that Libra will be subject to regulatory oversight and review, but what will this regulation look like from a financial crime point of view, and will Libra be able to put in place suitable systems and controls that the unbanked can actually comply with? We consider the challenges for Libra in the face of the financial crime concerns that have been raised since its announcement.

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