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FATF Impatient With Global Delays in Regulating Cryptocurrency

Several countries have failed to implement the Financial Action Task Force’s standards for governing the threat of illicit finance posed by cryptocurrencies and other digital assets, the group said at the conclusion of a three-day summit in Paris on Friday.

In a statement, FATF urged more global cooperation against the movement and concealment of cybercrime proceeds and criticized national governments for their lack of progress in extending the “travel rule” to virtual asset service providers and otherwise regulating them for anti-money laundering purposes as the group first recommended in 2018.

FATF also updated a global “gray list” of jurisdictions under increased monitoring by adding South Africa and Nigeria while removing Cambodia and Morocco. The United Arab Emirates remains gray-listed despite having “demonstrated significant progress” in adopting FATF’s recommendations, the group said.

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Topics : Anti-money laundering , Counterterrorist Financing
Source: FATF
Document Date: February 24, 2023