The FATF has agreed on an action plan to ensure ‘timely implementation’ of global cryptocurrency standards. cryptocoin.com We have compiled the statements made by FATF for you.
Cryptocurrency statement from FATF
The general assembly of the global money laundering and financial crimes watchdog consists of 206 members, including observer organizations such as the International Monetary Fund, the United Nations, and the Egmont Group of Financial Intelligence Units. In Friday’s document, the observer noted that many countries have failed to enforce their norms, including the controversial ‘travel rule’ that requires service providers to collect and share information about crypto transactions.
From the FATF ‘Thus, the plenary agreed on a roadmap to strengthen the implementation of FATF standards on virtual assets and virtual asset service providers, which would include an inventory of current levels of implementation across the global network.’ statement was made and it was added that the findings will emerge in the first half of 2024.
The FATF released updated crypto standards in 2019, but last June, only 11 of the 98 jurisdictions surveyed said they enforced the travel rule, urging them to act faster.
The report also noted that strong crypto regulation is key to disrupting financial flows from ransomware exploits, adding that “responsible criminals escape undetected with large sums of money, predominantly using virtual assets.” In its country-specific recommendations, mostly addressing compliance with sanctions, the FATF said Jordan “should continue to implement its plan of action to address its strategic shortcomings” to assess money laundering risks involving crypto.
FATF suspends Russia due to war
The Financial Action Task Force (FATF) suspended Russia’s membership on Friday, saying Moscow’s war in Ukraine violated the organisation’s principles. FATF is an intergovernmental organization established to combat money laundering and terrorist financing by setting global standards and checking that countries comply with them.
Ukraine, which has repeatedly called for Russia to remove it from the organization, welcomed the decision to suspend Russia, but added that it would go further and pressurize with FATF members to blacklist Russia. “It is not enough, but it is an important step in the right direction,” said Serhiy Marchenko, Ukraine’s Finance Minister.
Russia’s Ambassador to the United States, Anatoly Antonov, condemned the decision as a “dangerous step”, saying it would erode global efforts to combat money laundering, financing of terrorism and the proliferation of weapons of mass destruction.
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