FATF CALLS ON GOVERNMENTS TO SPEED UP ‘TRAVEL’ RULE IMPLEMENTATION TO PROTECT CRYPTO AGAINST MONEY LAUNDERERS
June 27th, 2022
A new paper on virtual assets (VAs) and related service providers (VASP) from FATF has warned that regulation is failing to prevent these instruments - including cryptocurrency – from being abused by money launderers and terror financiers.
Of particular concern is the slow implementation in law of FATF’s ‘travel rule’, which requires VASPs “to obtain, hold, and transmit required originator and beneficiary information, immediately and securely, when conducting VA transfers”.
In its paper, FATF warned that by March (2022) only 29 out of 98 ...
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