The Financial Action Task Force (FATF) has urged countries to adopt the “Travel Rule” to combat money laundering and terrorism financing in cryptocurrencies. The United Nations body highlighted that many member states have not implemented the rule. A survey conducted by FATF revealed low compliance with the travel rule requirements. Out of 98 jurisdictions surveyed, only 29 met the necessary requirements, and few took enforcement actions. This emphasizes the need for increased efforts in adoption and enforcement. The travel rule aims to address anonymity in illicit cryptocurrency transactions and has seen recent updates. During the latest plenary session, FATF members reached agreements on various fronts, including the publication of targeted updates on virtual assets. The reiteration of the rule comes as UN member countries crack down on digital asset regulation. The US SEC filed lawsuits against Binance and Coinbase, while the EU introduced a regulatory framework for crypto-assets. These measures aim to safeguard investors and prevent illicit activities.
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