Money laundry tops the concern of global regulators against libra. Various financial leaders have applauded the project as a good initiative. However, the fact that criminal can send bulk of money cross border without oversight, passes a big problem. Several weeks ago the CEO of JP Morgan; describes Facebook Libra as a neat idea that would never happen.
Ralph hammer, Chief executive of ING warned bank might have to close ties with Facebook if the global coin would fail to fully address regulatory issues. A banking institution, hammers added, firms like ING have a role as gatekeepers to the financial system.
Hammer meant financial institutions had to exist as noncompliant clients. Who in this case is Facebook? Compliance made it difficult to bank a firm that was opening up the system for financial crime. This is ahead of high profile members ditching the libra association.