October 3, 2023

The Financial Action Task Force (FATF) says that representatives from over 200 jurisdictions have agreed on “an action plan to drive the timely global implementation of FATF standards” on crypto assets. The standards-setting body said that many countries had failed to implement its previous requirements on crypto, including a “travel rule”.

Countries agree to implement FATF crypto standards

The Financial Action Task Force (FATF), an intergovernmental organization set up to combat money laundering and terrorism financing, on Friday announced the results of its plenary meeting held on February 22-24. “Representatives from over 200 jurisdictions of global network The FATF, it said, participated in several discussions at its headquarters in Paris.

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The FATF said that a number of issues were discussed, including issues relating to crypto assets, elaborating:

The representatives agreed on an action plan to drive the timely global implementation of FATF standards related to virtual assets (also known as crypto assets) globally, including the transmission of originator and beneficiary information.

The FATF claimed, “The lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers take advantage of.”

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The global anti-money laundering watchdog revealed that since its strong recommendation 15 October 2018 for crypto assets and crypto service providers, “many countries have failed to implement these revised requirements, including the ‘travel rule’”. that requires the originator to receive, hold and transmit. and beneficiary information relating to virtual asset transactions.”

FATF relies on a global network of FATF-style regional bodies (FSRBs) in addition to its own members to achieve global implementation of its recommendations.

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The standards-setting body elaborated, stressing, “Thus the plenary agreed on a roadmap to strengthen the implementation of FATF standards on Virtual Assets and Virtual Asset Service Providers, including stocking up on existing levels of implementation across the global network.” Will happen.”

In the first half of 2024, the FATF will report on the steps taken by FATF member and FSRB countries to regulate and supervise virtual asset service providers with materially significant virtual asset activity.

What do you think about more than 200 jurisdictions agreeing on the timely implementation of FATF standards on crypto assets? Let us know in the comments section below.

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