Key Points:
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
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…
Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…
This website uses cookies.