The Financial Action Task Force (FATF), an international group created to combat money laundering and the funding of terrorism, revealed the results of its plenary meeting on Friday. Representatives from more than 200 jurisdictions took part in a number of sessions in the Global Network’s headquarter, according to the FATF.
The FATF stated that the representatives decided on a plan of action to accelerate the prompt global implementation of FATF standards for virtual assets, including those pertaining to the transfer of beneficiary and originator information. The group added that the lack of virtual assets regulation in many countries creates an environment where criminals and terrorist financiers can thrive.
Since the global anti-money laundering watchdog’s reinforced Recommendation 15 in October 2018 for crypto assets and crypto service providers, many nations have failed to put these revised requirements into practise, including the “travel rule,” which calls for obtaining, holding, and transmitting originator and beneficiary information regarding transactions involving virtual assets.
To ensure that its policies are implemented globally, the FATF depends on a network of FATF-Style Regional Bodies (FSRBs), as well as its own members.
The plenary finally settled on a plan in order to increase the application of FATF standards on virtual assets and virtual asset service providers. This roadmap will include a stocktake of the present levels of implementation across the worldwide network.
