Over 70% of Global Jurisdictions Not Compliant with FATF's Virtual Asset AML Recommendations

Over 70% of Global Jurisdictions Not Compliant with FATF's Virtual Asset AML Recommendations

Over 70% of global jurisdictions are not compliant with the Financial Action Task Force's (FATF) virtual asset anti-money laundering (AML) recommendations, according to a new report from the organization. The report, which was published on Tuesday, found that only 29 out of 104 jurisdictions have fully implemented the FATF's recommendations for virtual assets. The remaining 75 jurisdictions have either partially implemented the recommendations or have not implemented them at all. The FATF's recommendations for virtual assets were first published in 2019. They are designed to help countries prevent and combat money laundering and terrorist financing risks associated with virtual assets. The recommendations cover a wide range of topics, including customer due diligence, record-keeping, and reporting of suspicious transactions. The FATF's report found that the most common areas of non-compliance are customer due diligence and record-keeping. The report also found that many jurisdictions are struggling to implement the FATF's recommendations due to a lack of understanding of virtual assets and a lack of resources. The FATF's report is a reminder that the global fight against money laundering and terrorist financing is far from over. It is important for all jurisdictions to implement the FATF's recommendations for virtual assets in order to protect their financial systems from these risks.