FATF agrees to an aggressive action plan to implement stricter crypto regulations

Key Points: According to a report from its recent plenary meeting the FATF has agreed on an action plan to promote timely implementation of its global crypto standards.
In its report, the watchdog stated that many countries have not adhered to its rules, including the contentious travel rule which requires service providers to share information on cryptocurrency transactions.
Research also revealed that criminals can escape detection with large sums of cash, primarily by using virtual assets.
The Financial Action Task Force (FATF), reached an agreement on an action plan to encourage timely adoption of its international crypto standards. This roadmap examines the current levels of application across the global network. The FATF will issue a report on the FATF member countries and FSRB nations that have substantially relevant virtual asset activity to impose regulations and supervise virtual asset service providers in 2024’s first half. It also outlines the ways criminals are using virtual asset as a tool for laundering money.
“At the exact same time, criminals responsible for attacks are getting away with large amounts of cash, mainly using virtual assets, undetected.” FATF conducted research to analyze the ransomware methods used by criminals and how they pay ransom.
FATF’s revised crypto standards were released in 2019. However, the organization reported in June that only 11 of the 98 countries it had surveyed were actually implementing the travel restriction. It encouraged them to do more research and encourage others to do the same. We encourage you to do your research before investing.Join us to keep track of news: NewsTags: cryptoFATFFSRBTravel Rule