FATF: UPDATE ON IMPLEMENTATION OF FATF STANDARDS ON VIRTUAL ASSETS AND VASP

On 30 June, FATF published a targeted update on implementation of FATF Standards on virtual assets (VA) and virtual asset service providers (VASP), with a focus on FATF’s Travel Rule.  This report comes 3 years after FATF extended its AML/CFT measures to VA and VASP to prevent criminal and terrorist misuse of the sector.  The report finds a continued need for many countries to strengthen understanding risks of the VA and VASP sector, and to rapidly implement FATF Recommendation 15/INR.15 to mitigate such risks.  Of the 98 jurisdictions that responded to FATF’s March 2022 survey, only 29 jurisdictions have passed relevant Travel Rule laws, and a small subset of these jurisdictions have started enforcement.  This, FATF says, demonstrates an urgent need for jurisdictions to accelerate implementation and enforcement to mitigate criminal and terrorist misuse of virtual assets. 

https://www.fatf-gafi.org/publications/fatfrecommendations/documents/targeted-update-virtual-assets-vasps.html

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.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: