Financial Action Task Force (FATF) which sets international standards to fight against money laundering and terrorist financing has published a second 12-month review of revised FATF Standards on virtual asset and its providers(VASPs). As FATF puts importance on setting global standards to prevent money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction, it signifies in the report how the Standards has been revised for the application of virtual assets and VASPs.
The report emphasizes the rapid growth in the virtual asset and virtual asset service providers (VASPs). It mentions a large increase in the usage of virtual assets to collect ransomware payments and to commit and launder the proceeds of fraud, and it is more to increase in 2021.
The specific trait of virtual assets – anonymity – leads to the core issue of usage. This draws the importance of AML (Anti-Money Laundering) and CFT (Counter-Terrorism Financing) requirements on virtual assets and VASPs. As there is the uneven global implementation of the revised Standards, meeting the compliant is an ongoing topic.
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