FATF: SECOND 12-MONTH REVIEW OF REVISED FATF STANDARDS – VIRTUAL ASSETS AND VASP

On 5 July, FATF published this review.  This comes 2 years after FATF finalized amendments, which clearly placed AML/CFT requirements on virtual assets and virtual asset service providers (VASP).  It looks at how jurisdictions and the private sector have implemented the revised FATF Standards since the first review. It also looks at changes in the typologies, risks and the market structure of the virtual assets sector.  Many jurisdictions have continued to make progress in implementing the revised FATF Standards. 58 out of 128 reporting jurisdictions advised that they have now implemented the revised FATF Standards, with 52 of these regulating VASP and 6 of these prohibiting the operation of VASP. The other 70 jurisdictions have not yet implemented the revised Standards in their national law.  The report also includes market metrics on peer-to-peer transactions (i.e. virtual asset transfers that occur without a VASP), based on input from seven blockchain analytic companies. 

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Second-12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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