FATF says most jurisdictions not following global crypto laundering norms.
The Financial Action Task Force (FATF), which sets the international standards for anti-money laundering measures, has stated that most jurisdictions still do not fully comply with these standards when it comes to cryptocurrency.
After a regular plenary meeting chaired by Singapore’s T. Raja Kumar, the watchdog issued a statement saying that “almost three quarters of jurisdictions are only partially compliant or not compliant with the FATF’s requirements” for virtual assets.
The statement also highlighted North Korea’s use of illicit virtual assets to finance weapons of mass destruction and urged companies to prioritize applying anti-money laundering measures.
FATF will soon release a report urging jurisdictions to close loopholes, with a focus on emerging risks from decentralized finance and peer-to-peer transactions that do not use a regulated intermediary like a wallet provider.
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Last year, the US Treasury sanctioned the decentralized privacy protocol Tornado Cash, alleging that it had been used by North Korean hackers to fund ballistic missiles.
Read more: G-7 Must Take Charge in Ending ‘Lawless’ Crypto Space, FATF Chief Says
Edited by Aoyon Ashraf.