The Switzerland-based entity managing the Fb-led Libra venture has added a former U.S. authorities official as its common counsel.
Introduced by the Libra Affiliation Tuesday, Robert Werner joins the venture with “a wealth of regulatory, monetary crime compliance and enforcement expertise” from his earlier roles as director of the Monetary Crimes Enforcement Community (FinCEN) and director of the Workplace of Overseas Property Management (OFAC).
Werner has additionally acted as senior counsel for the Underneath Secretary of the Treasury, Terrorism and Monetary Intelligence, and assistant common counsel for Enforcement and Intelligence within the Workplace of the Common Counsel.
The brand new addition marks Libra’s second rent of a former FinCEN official after Stuart Levey was introduced on board as its first chief government early in Might. Levey – who’s leaving HBSC for the brand new function – is anticipated to affix “later this summer time” to supervise Libra’s efforts to “mix know-how innovation with a sturdy compliance and regulatory framework.”
In mid April, the Geneva-incorporated Libra Affiliation kicked off the method of making use of for a fee system license with the Swiss Monetary Market Supervisory Authority – a transfer it stated was “an vital milestone because the Libra Affiliation strikes to a extra operational part of the venture.”
The venture has had its points up to now, nevertheless. After a tidal wave of regulatory kickback for its authentic idea of a stablecoin linked to a basket of fiat currencies, the plan was watered down considerably in April, and it’ll now develop various stablecoins every representing a unique fiat forex.
Previous to becoming a member of Libra, Werner was additionally the founder and CEO of GRH Consulting and had held senior positions at monetary corporations together with HSBC, Goldman Sachs and Merrill Lynch.
“I’m grateful for the chance to affix the Libra Affiliation, as we work to rework the worldwide funds panorama to empower billions of individuals,” Werner stated within the announcement. “I have dedicated my career to combating financial crime and helping complex organizations achieve regulatory compliance, both in government and in the private sector. I look forward to meaningfully contributing to such an impactful project.”
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