The Financial Action Task Force (FATF), a global organization made to fight terrorist financing and money laundering, has announced the results of its plenary session representing more than 200 jurisdictions. “An action plan was agreed upon to promote the timely global implementation of FATF requirements relating to crypto assets,” The international anti-money laundering watchdog said.
Participating Nations Agree to Implement FATF Cryptographic Standards
The FATF, established in 1989 and headquartered in Paris, posted its plenary session outcomes from February 22-24 on Friday. The organization is composed of delegates from over 200 members in the global community. Its meetings featured a variety of discussions, including those related to crypto assets.
In October 2018, the FATF adopted a revised Recommendation 15, which focused on crypto assets and crypto service providers. Since then, the organization noted that “many countries have not implemented these revised requirements, including the ‘travel rule’ that requires transmitting and retaining originator and beneficiary information related to digital asset transactions.”
The FATF works with a network of FATF-style regional bodies (FSRBs) worldwide to help ensure worldwide implementation of its recommendations. Hence, the plenary agreed to a roadmap that would “strengthen the implementation of the FATF requirements on digital assets and digital asset service providers, which would include an inventory of current levels of implementation across the global community.” The organization set a deadline of the first half of 2024 to report on the steps taken by FSRB nations and FATF members that have digitally significant assets.
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