2 years ago
The Financial Action Task Force (FATF) says delegates from implicit 200 jurisdictions person agreed connected “an enactment program to thrust timely planetary implementation of FATF standards” connected crypto assets. The standard-setting assemblage said galore countries person failed to instrumentality its erstwhile requirements connected crypto, including the “travel rule.”
Countries Agree to Implement FATF Crypto Standards
The Financial Action Task Force (FATF), an intergovernmental enactment established to combat wealth laundering and the financing of terrorism, announced Friday the result of its plenary which took spot connected Feb. 22-24. “Delegates from implicit 200 jurisdictions of the Global Network participated” successful a fig of discussions astatine its office successful Paris, the FATF said.
A fig of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating:
Delegates further agreed connected an enactment program to thrust timely planetary implementation of FATF standards relating to virtual assets (also termed crypto assets) globally, including connected the transmission of originator and beneficiary information.
“The deficiency of regularisation of virtual assets successful galore countries creates opportunities that criminals and violent financiers exploit,” the FATF claimed.
The planetary anti-money laundering watchdog revealed that since its strengthened Recommendation 15 successful October 2018 for crypto assets and crypto work providers, “many countries person failed to instrumentality these revised requirements, including the ‘travel rule‘ which requires obtaining, holding and transmitting originator and beneficiary accusation relating to virtual assets transactions.”
The FATF relies connected a planetary web of FATF-Style Regional Bodies (FSRBs), successful summation to its ain members, to execute planetary implementation of its recommendations.
“The plenary frankincense agreed connected a roadmap to fortify implementation of FATF standards connected virtual assets and virtual plus work providers, which volition see a stocktake of existent levels of implementation crossed the planetary network,” the standard-setting assemblage emphasized, elaborating:
In the archetypal fractional of 2024, the FATF volition study connected steps FATF members and FSRB countries with materially important virtual plus enactment person taken to modulate and supervise virtual plus work providers.
What bash you deliberation astir implicit 200 jurisdictions agreeing connected the timely implementation of FATF standards connected crypto assets? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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