Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards
The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.”
Countries Agree to Implement FATF Crypto Standards
The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. “Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said.
A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating:
Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed crypto assets) globally, including on the transmission of originator and beneficiary information.
“The lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers exploit,” the FATF claimed.
The global anti-money laundering watchdog revealed that since its strengthened Recommendation 15 in October 2018 for crypto assets and crypto service providers, “many countries have failed to implement these revised requirements, including the ‘travel rule‘ which requires obtaining, holding and transmitting originator and beneficiary information relating to virtual assets transactions.”
The 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.
“The plenary thus agreed on a roadmap to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network,” the standard-setting body emphasized, elaborating:
In the first half of 2024, the FATF will report on steps FATF members and FSRB countries with materially important virtual asset activity have taken to regulate and supervise virtual asset service providers.
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Filed under: News - @ February 26, 2023 5:23 am