Facebook’s Libra must obey anti-money laundering rules: French central bank chief

Facebook announced plans last week to introduce a new global cryptocurrency called Libra as part of an effort to expand into digital payments. (Reuters)
Updated 25 June 2019

Facebook’s Libra must obey anti-money laundering rules: French central bank chief

  • Facebook announced plans last week to introduce a new global cryptocurrency
  • Libra is part of Facebook’s effort to expand into digital payments

PARIS: Facebook’s planned global ‘Libra’ cryptocurrency must respect anti-money laundering regulations and it must seek banking licenses if it offers banking services, France’s central bank chief said in a magazine interview.
Facebook announced plans last week to introduce a new global cryptocurrency called Libra as part of an effort to expand into digital payments.
Bank of France Governor Francois Villeroy de Galhau said that while there was room to improve cross-border money transfers, Libra had to follow anti-money laundering rules.
“The risks are increased by the anonymity that Libra users would have,” Villeroy said in an interview with French weekly magazine L’Obs, adding that Libra would have to ensure transactions and users’ data were fully secure.
“If the project seeks to go beyond payments to offering banking services like deposits, it will then have to be regulated like a bank with a banking license in all the countries it operates. Otherwise it would be illegal,” he said.
France is using its year-long presidency of the Group of Seven nations (G7) to set up a task-force to tackle such concerns at an international level.
It has been charged with studying how cryptocurrencies like Libra are governed by regulations ranging from money laundering laws to consumer-protection rules.


Air Arabia in $14bn deal to buy 120 Airbus A320s

Updated 18 November 2019

Air Arabia in $14bn deal to buy 120 Airbus A320s

  • Air Arabia currently operates a total fleet of 53 Airbus A320 and A321 aircraft
  • The new carrier, Air Arabia Abu Dhabi, will be launched in “due course,” Etihad said at the time

DUBAI: Air Arabia said Monday it would buy 120 Airbus A320s in a deal worth $14 billion that represents a major expansion for the United Arab Emirates low-cost carrier.

“The first delivery is expected to start in 2024,” said Adel Al-Ali, the CEO of Air Arabia, based in the emirate of Sharjah which borders Dubai.

Air Arabia currently operates a total fleet of 53 Airbus A320 and A321 aircraft.

Last month it announced an agreement with Abu Dhabi-based giant Etihad Airways to launch a new low-cost airline based in the UAE capital.

The new carrier, Air Arabia Abu Dhabi, will be launched in “due course,” Etihad said at the time.

Etihad, established in 2003 by the oil-rich Gulf emirate’s government, has faced stiff competition from Dubai aviation giant Emirates and Doha-based Qatar Airways.