The Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has found that many countries are yet to fully implement its requirements aimed at preventing misuse of virtual assets and virtual asset service providers (VASPs).
Virtual assets (crypto assets) refer to “any digital representation of value that can be digitally traded, transferred or used for payment”. The FATF plenary in February 2023 agreed on a road map to strengthen the implementation of its standards on virtual assets and VASPs. Recently, it carried out a survey on the current levels of implementation and has now published a paper on the “Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity”.
“Following a 12-month process to collect and evaluate information, the FATF is publishing a table which sets out the status of implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important VASP activity. This table is based on the work of the FATF’s Virtual Assets Contact Group members as well as the extensive input by the FATF Global Network of FATF members and FATF-Style regional bodies,” it has said.
