News

FATF Agrees On Aggressive Action Plan To Implement Stricter Crypto Regulations

Key Points:

  • According to a report from its most recent plenary meeting, the FATF has decided on an action plan to promote the timely implementation of its global standards for crypto.
  • The watchdog stated in its report that several nations have not complied with its rules, notably the contentious travel rule, which calls on service providers to gather and share data on cryptocurrency transactions.
  • The research also mentioned how criminals escape unnoticed with enormous sums of cash, primarily utilizing virtual assets.
An agreement has been achieved by the Financial Action Task Force (FATF) on an action plan to encourage the timely adoption of its international crypto standards.

The decision, which was reached at a plenary meeting and made public on Friday, stated that several nations had failed to implement FATF regulations, including its contentious travel rule, which calls for service providers to gather and disclose information on cryptocurrency dealers.

The Egmont Group of Financial Intelligence Units, the United Nations, and other observer organizations are among the 206 members of the global money-laundering and financial crimes watchdog’s plenary.

Many nations have failed to put these updated regulations into practice since the FATF strengthened Recommendation 15 in October 2018 to address virtual assets and virtual asset service providers, including the travel rule that mandates obtaining, holding, and transmitting originator and beneficiary information relating to virtual assets transactions.

As a result, the Plenary adopted a plan for strengthening the application of FATF Standards to virtual assets and the companies that offer services to them. This roadmap includes a review of the present degrees of application throughout the worldwide network.

The FATF will produce a report on the efforts that FATF members and FSRB nations with substantially relevant virtual asset activity have made to impose regulations and oversee virtual asset service providers in the first half of 2024.

The report also outlines ways criminals are using virtual assets as a tool to launder money.

“At the same time, the criminals responsible attacks are getting away undetected with large amounts of money, mainly using virtual assets. The FATF completed research that analyzes the methods that criminals use to carry out their ransomware and how they launder ransom payments.”

2019 saw the release of FATF’s revised crypto standards, but in June of that year, the organization reported that only 11 of the 98 nations it had surveyed were really implementing the travel restriction, and it encouraged the rest of them to move more quickly.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

BlockDAG’s $30 by 2030 Price Predictions Are Sparking Excitement Among the Community—Will Toncoin & SUI Keep Up?

Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…

24 minutes ago

Top 6 High-Quality Free Crypto Airdrops You Shouldn’t Miss

Free crypto airdrops are one of the ways to help users participate in the project…

27 minutes ago

PancakeSwap Swap Bot Is Launched On Telegram To Convenient Trading

The PancakeSwap Swap Bot supports trading on PancakeSwap’s v2, v3, and stableswap protocols on the…

47 minutes ago

Is November 2024 the Right Time to Invest in Qubetics, Cardano, or Solana? Let’s Find Out!

From industry giants like Cardano and Solana to emerging players like Qubetics, it’s no wonder…

1 hour ago

US Jobless Claims Drop to 217,000, Lowest Since May

US jobless claims fell to 217,000 for the week ending November 9, the lowest since…

2 hours ago

World Liberty Financial Integrates Chainlink To Secure On-chain Data

World Liberty Financial integrated Chainlink for secure, reliable on-chain data and cross-chain interoperability as it…

2 hours ago

This website uses cookies.