Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards

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Over 200 jurisdictions have agreed on an action plan to drive timely global implementation of FATF standards on crypto assets. Among other things, this plan includes stricter compliance with the “travel rule.” The goal of this rule is to prevent money laundering and terrorist financing by regulating the movements of people and assets across borders.

Global watchdog finds many countries failing to implement revised crypto asset rules

“Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said.

Issues, including those relating to crypto assets, were discussed at the FATF’s plenary.

Since its strengthened Recommendation 15 in October 2018 for crypto assets and crypto service providers, “many countries have failed to implement these revised requirements.”

The global anti-money laundering watchdog noted that since its strengthened Recommendation 15 in October 2018 for crypto assets and crypto service providers, “many countries have failed to implement these revised requirements.”

The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24.

The FATF relies on a global network of FATF-Style Regional Bodies (FSRBs), in addition to its own members, to achieve global implementation of its recommendations.

Global watchdog, the Financial Action Task Force (FATF), has released a report stating that over 200 jurisdictions have yet to implement the revised crypto asset rules set by the organization. While this is a step in the right direction, more work needs to be done in order to effectively monitor and enforce these new regulations.