On 7 July, FATF said that it has completed a review of the implementation of its revised Standards on virtual assets and virtual asset service providers, 12 months after the FATF finalised these amendments. The June 2019 revisions to the FATF Standards clearly placed AML/CFT requirements on virtual assets and virtual asset service providers (VASP). A report published by FATF is the 12-month review it undertook to produce, to measure how jurisdictions and the private sector have implemented the revised FATF Standards, as well as monitoring for any changes in the typologies, risks and the market structure of the virtual assets sector. As well as reviewing progress, the report also issues identified with the revised FATF Standards and Guidance and its next steps regarding virtual assets. The review finds that 35 out of 54 reporting jurisdictions advised that they have now implemented the revised FATF Standards, with 3 having prohibited VASP. FATF has agreed to continue its focus on virtual assets and undertake ongoing monitoring and review, with a further report by June 2021. It will also consider whether further updates are necessary. It also undertook to provide update guidance, and to continue its programme of work to enhance international cooperation amongst VASP supervisors.
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