GUIDANCE: COUNTERPROLIFERATION FINANCING FOR VIRTUAL ASSET SERVICE PROVIDERS (VASP)

On 15 September, RUSI published a guidance paper which aims to advise VASP on best-practice compliance when dealing with proliferation financing risk, and directs compliance officers towards relevant publications that may assist in their work.  It is said that it will be particularly helpful to those VASP who have not previously thought about proliferation financing or the implementation of targeted financial sanctions related to proliferation as a distinct financial crime or sanctions risk.  Mostly focusing on North Korea, it draws on typologies, red flags and best practice that can be found in other types of virtual assets crime, especially when illicit activities are conducted by large criminal organisations that might have comparable expertise and funding to a sanctioned country.

https://static.rusi.org/299_SR_CPF_VirtualAssetsGuide.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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