FATF has Prepared New crypto Standards
2023.02.25 03:18
FATF has Prepared New crypto Standards
By Tiffany Smith
Budrigannews.com – According to the Financial Action Task Force, or FATF, the group’s members agreed on a strategy “to drive timely global implementation” of global cryptocurrency standards.
The Financial Action Task Force (FATF) reported in a publication on February 24 that the financial watchdog’s plenary, which included representatives from more than 200 jurisdictions, met in Paris and agreed on a plan to improve the “implementation of FATF Standards on virtual assets and virtual asset service providers.”
The task force says that it will report in 2024 on how FATF members have implemented crypto standards, including VASP regulation and supervision.
According to the report, “criminals and terrorist financiers exploit opportunities created by the lack of regulation of virtual assets in many countries.” Many nations 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, since the FATF strengthened its Recommendation 15 in October 2018 to address virtual assets and virtual asset service providers.
The FATF plenary meeting has ended. A variety of issues related to terrorist financing and money laundering were discussed by government delegates from around the world.
The plenary’s outcomes can be found here: https://t.co/FdC6ILFNRW
VASPs, financial institutions, and regulated entities in member jurisdictions are encouraged to obtain information on the originators and beneficiaries of specific virtual currency transactions as part of the FATF’s “Travel Rule.” The watchdog of the financial industry reported in April 2022 that many nations were not adhering to its guidelines for combating terrorism financing (CFT) and money laundering (AML).
Among the nations that appear to be most willing to implement travel-related regulations are Singapore, South Korea, and Japan. According to reports, Iran and North Korea have been added to the FATF’s “grey list” for the purpose of monitoring suspicious financial activity.
