HSBC Chief Legal Officer Stuart Levey will join the Libra Association this summer as chief executive officer. At his new position, he will oversee the developments of technology innovations.
Levey has previously served as Under Secretary of the Treasury for Terrorism and Financial Intelligence in the US government under President George W. Bush and President Barack Obama where he gained experience in combating illicit finance.
Levey joined HSBC in 2012 just before the bank was fined $1.9 billion by the US Department of Justice for failing to stop money laundering from drug schemes run by its customers. The bank admitted having poor ant-money laundering provisions and made steps to mitigate the risk.
Stuart Levey said:
I am honored to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape. Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity.
Levey stated that he looks forward governments and regulators in building out the Libra project.
Libra has added new members recently, including global nonprofit Heifer International and ecommerce site Checkout.com. Facebook created the consortium in June last year and has already taken steps to obtain a payments license through the Swiss Financial Market Supervisory Authority.
Libra’s stablecoins were set to go live in the first half of 2020, however a new launch date gas not be announced. The consortium rolled back on its plans for a global stablecoin in favor of a series of fiat-backed stablecoins.
Libra Association board member and Andreessen Horowitz partner Katie Haun commented:
Stuart brings to the Libra Association the rare combination of an accomplished leader in both the government, where he enjoyed bipartisan respect and influence, and the private sector where he managed teams spread across the globe.
Haun added:
This unique experience allows him to bring a wealth of knowledge in banking, finance, regulatory policy and national security to the Association and strike the right balance between innovation and regulation.
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