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The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on \u201can action plan to drive timely global implementation of FATF standards\u201d on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the \u201ctravel rule.\u201d<\/strong><\/p>\n 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. \u201cDelegates from over 200 jurisdictions of the Global Network<\/a> participated\u201d in a number of discussions at its headquarters in Paris, the FATF said.<\/p>\n A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating:<\/p>\n 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.<\/p>\n<\/blockquote>\n \u201cThe lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers exploit,\u201d the FATF claimed.<\/p>\n The global anti-money laundering watchdog revealed that since its strengthened Recommendation 15<\/a> in October 2018 for crypto assets and crypto service providers, \u201cmany countries have failed to implement these revised requirements, including the \u2018travel rule<\/a>\u2018 which requires obtaining, holding and transmitting originator and beneficiary information relating to virtual assets transactions.\u201d<\/p>\n 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.<\/p>\n \u201cThe 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,\u201d the standard-setting body emphasized, elaborating:<\/p>\n 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.<\/p>\n<\/blockquote>\nCountries Agree to Implement FATF Crypto Standards<\/h2>\n
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