The third plenary of the Financial Action Task Force (FATF), a global money-laundering watchdog, has highlighted the need to address regulatory gaps in the compliance system for virtual assets. The meeting, attended by over 200 delegates in Paris, assessed the adoption of the institution’s recommendations by jurisdictions and virtual asset service providers (VASPs). Reports indicate that a majority of jurisdictions were either partially compliant or non-compliant with these recommendations. The FATF has emphasized the importance of implementing the travel rule, which involves collecting transaction sender and recipient identities, as a means to prevent funds from reaching sanctioned individuals or entities. The FATF will soon release a report urging countries to implement its recommendations and close these regulatory loopholes, highlighting the risks associated with activities in North Korea and decentralized finance. In May, FATF president Raja Kumar called on G7 countries to lead by example in implementing the FATF recommendations to prevent illicit crypto transactions.
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