The Financial Action Task Force (FATF) has agreed on an action plan to ensure “timely implementation” of its global standards for crypto, according to a report from its recent plenary meeting.
The general assembly of the global money laundering and financial crimes watchdog consists of 206 members, including watchdog organizations such as the International Monetary Fund (IMF), the United Nations, and the Egmont Group of Financial Intelligence Units.
FATF Announces Member States Failed to Enforce Set Cryptocurrency Rules
In the document released Friday, the FATF noted that many countries have failed to enforce their standards, including the controversial “travel rule” that requires service providers to collect and share information on crypto transactions.
“Therefore, the general assembly agreed on a roadmap to strengthen implementation of FATF standards for virtual assets and virtual asset service providers, which will include a breakdown of current levels of implementation across the global network,” said the FATF, adding that a report on its findings will be published in the first half of 2024. .
FATF in 2019 bitcoin and cryptocurrencies, but last June, only 11 of the 98 countries surveyed said they enforced the travel rule, urging those countries to act faster.
The report also stated that strong crypto regulation is key to disrupting financial movements resulting from ransomware attacks, adding that “responsible criminals are fleeing undetected with large sums of money, predominantly using virtual assets.”
*Not investment advice.
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