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The Financial Action Task Force (FATF) says delegates from more than 200 jurisdictions have agreed on an “action plan to accelerate global implementation of FATF standards” for crypto assets. The standards-setting body said many countries had failed to implement their previous cryptocurrency requirements, including “travel rules.”
Countries agree to implement FATF cryptographic standards
The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and terrorist financing, announced on Friday the results of its plenary meeting, which took place on February 22-24. “Delegates from more than 200 jurisdictions of the Global Network participated” in multiple discussions at the headquarters in Paris, the FATF said.
A number of issues were discussed, including those related to crypto assets, noted the FATF, elaborating:
Delegates also agreed on a roadmap to accelerate the global implementation of FATF standards for virtual assets (also known as crypto assets) around the world, including originator and beneficiary information.
“The lack of regulation of virtual assets in many countries creates opportunities that are exploited by criminals and terrorist financiers,” the FATF said.
The global anti-money laundering watchdog revealed that since the strengthening of Recommendation 15 in October 2018 for crypto assets and crypto service providers, “many countries have not implemented these revised requirements, including the ‘travel rule’ which requires originator to be obtained, stored and transferred and beneficiary information related to virtual asset transactions.’
The FATF relies on a global network of FATF-type regional bodies (FSRBs), in addition to its own members, to achieve global implementation of its recommendations.
“Thus, the plenary agreed on an action plan to strengthen the implementation of the FATF Virtual Asset Standards and Virtual Asset Service Providers, which will include a mapping of the current levels of implementation across the global network,” the standard-setting body underlined by developing:
In the first half of 2024, the FATF will report on the steps taken by FATF members and FSRB countries with significant virtual asset activities to regulate and supervise virtual asset service providers.
What do you think of the 200+ jurisdictions that have agreed to timely implementation of the FATF standards for crypto assets? Let us know in the comments section below.
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