The Financial Action Task Force (FATF) says delegates from more than 200 jurisdictions have agreed on “an action plan to drive the timely global implementation of the FATF standards” on crypto assets. The standards-setting body said that many countries have not implemented their previous requirements on cryptography, including the “travel rule.”
Countries Agree to Implement FATF Cryptographic Standards
The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and terrorist financing, on Friday announced the outcome of its plenary session that took place from February 22-24. “Delegates from more than 200 jurisdictions of the Global network participated” in a series of discussions at its headquarters in Paris, the FATF said.
A number of issues were discussed, including those related to crypto assets, the FATF noted, explaining:
Delegates further agreed on an action plan to drive the timely global implementation of FATF standards related to virtual assets (also referred to as crypto assets) globally, including 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 stated.
The global anti-money laundering watchdog revealed that since its October 2018 strengthened Recommendation 15 for crypto assets and crypto service providers, “many countries have not implemented these revised requirements, including the ‘travel rule’ that requires obtaining, maintaining and transmit originator and beneficiary information related to virtual asset transactions.”
The FATF relies on a global network of FATF-style regional bodies (FSRBs), as well as its own members, to achieve global implementation of its recommendations.
“Therefore, the plenary agreed on a roadmap to strengthen the implementation of the FATF standards on virtual assets and virtual asset service providers, which will include an inventory of current levels of implementation across the global network,” he emphasized. the standard-setting body, developing:
In the first half of 2024, the FATF will report on the steps that FATF members and FSRB countries with materially significant virtual asset activity have taken to regulate and supervise virtual asset service providers.
What do you think of more than 200 jurisdictions agreeing to the timely implementation of the FATF standards on crypto assets? Let us know in the comments section.
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