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Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards

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Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards


The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards


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


A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating: Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed crypto assets) globally, including on the transmission of originator and beneficiary information.


“The lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers exploit,” the FATF claimed.


The global anti-money laundering watchdog revealed 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, including the ‘travel rule‘ which requires obtaining, holding and transmitting originator and beneficiary information relating to virtual assets transactions.”


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.


“The plenary thus agreed on a roadmap to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network,” the standard-setting body emphasized, elaborating: In the first half of 2024, the FATF will report on steps FATF members and FSRB countries with materially important virtual asset activity have taken to regulate and supervise virtual asset service providers. Tags in this story fatf, fatf crypto, FATF crypto meeting, FATF crypto standards, FATF cryptocurrency standards, FATF guidance, Financial Action Task Force


What do you think about over 200 jurisdictions agreeing on the timely implementation of FATF standards on crypto assets? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. India Asks IMF and FSB for Joint Paper to Help Formulate "Comprehensive" Crypto Policy REGULATION | 5 hours ago IMF Calls for "More" Crypto Regulation — Says Banning Should Be an Option REGULATION | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIMF Calls for ‘More’ Crypto Regulation — Says Banning Should Be an Option Next articleIndia Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


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