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.

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