FATF: UPDATED GUIDANCE FOR A RISK-BASED APPROACH TO VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS (VASP)

On 28 October, FATF published an updated version of its 2019 guidance which forms part of the FATF’s ongoing monitoring of the virtual assets and VASP sector.  The 2021 Guidance includes updates focusing on the following 6 key areas:

  1. clarification of the definitions of virtual assets and VASP;
  2. guidance on how the FATF Standards apply to stablecoins;
  3. additional guidance on the risks and the tools available to countries to address the money laundering and terrorist financing risks for peer-to-peer (P2P) transactions;
  4. updated guidance on the licensing and registration of VASP;
  5. additional guidance for the public and private sectors on the implementation of the “travel rule”; and
  6. Principles of information-sharing and co-operation amongst VASP Supervisors.

http://www.fatf-gafi.org/media/fatf/documents/recommendations/Updated-Guidance-VA-VASP.pdf

Also available is a quick guide to the guidance –

http://www.fatf-gafi.org/media/fatf/documents/recommendations/Quick-guide-RBA-VA-VASPS.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

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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