FATF Reports Agreement on Encrypted Assets Action Plan

02/27/2023 09:34 • Crypto & Markets • 73 views

It is reported that the Financial Action Task Force (FATF) said that representatives from more than 200 jurisdictions have reached an agreement on the “action plan to promote the timely implementation of FATF standards globally” for encrypted assets. The standard-setting body said that many countries failed to implement their previous requirements for cryptocurrencies, including “travel rules”. FATF pointed out that representatives further agreed on an action plan to promote the timely implementation of FATF standards related to encrypted assets worldwide, including the transmission of originator and beneficiary information.

More than 200 jurisdictions have agreed to implement the FATF cryptocurrency standard

Interpretation of the news:

The Financial Action Task Force (FATF), a global standard-setting body for anti-money laundering and counter-terrorist financing, has reported an agreement on an action plan for the implementation of standards related to encrypted assets. The agreement was reached among representatives from more than 200 jurisdictions. The action plan aims to promote the timely implementation of FATF standards globally for cryptocurrencies, including the “travel rules” that require the transmission of originator and beneficiary information.

The FATF pointed out that many countries have failed to implement their previous requirements for crypto-related regulations, which have created loopholes for illicit activities such as money laundering and terrorist financing. These regulations are especially crucial in cases that involve encrypted assets, which can be used to anonymously transfer funds across borders. The agreement on the action plan emphasizes the urgency of implementing and enforcing these standards to combat these illegal activities.

The action plan is an important step forward in protecting the integrity of the financial system, as it provides a framework for jurisdictions to collectively work together to enforce regulatory compliance. The FATF’s global leadership in this matter represents an endorsement of the importance of transnational cooperation to ensure that all countries contribute to the fight against financial crime.

In conclusion, the agreement on the action plan for implementing FATF standards related to encrypted assets marks a significant milestone in the fight against money laundering and terrorist financing. The timely implementation of these standards would help minimize the risks associated with cryptocurrencies and maintain the integrity of the financial system. The agreement, reached through a global effort, is an encouraging sign of the importance of global cooperation and shared responsibility in countering financial crime.

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FATF Reports Agreement on Encrypted Assets Action Plan

More than 200 jurisdictions have agreed to implement the FATF cryptocurrency standard

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