The Financial Action Task Force (FATF) has agreed on an action plan to ensure “timely implementation” of global standards for crypto.
FATF, which consists of 206 members, including observer organizations such as the United Nations (UN), held a meeting in its general assembly. As a result of this meeting, the FATF agreed on a global crypto roadmap to strengthen enforcement of corporate standards for virtual assets and virtual asset service providers.
FATF Concentrates on Global Crypto Standards
The Financial Action Task Force (FATF) held a meeting to discuss global crypto standards. The decisions taken at this meeting highlighted the failure of many countries to implement FATF norms. FATF norms mostly cover terms such as money laundering and combating financial crimes.
This meeting focused on the timely and accurate implementation of global standards for crypto. In this context, the board created an action plan to meet the requirements.
An observer who is familiar with the FATF meeting and its decisions stated that the report on the findings and conclusions will be published in the first half of 2024.
The report also stated that strong crypto regulations are necessary to curb crypto scams. Specifically, the report stated that “responsible criminals flee undetected with large sums of money, predominantly using virtual assets.”
The FATF’s general assembly consists of 206 members, including the International Monetary Fund, the United Nations, and observer organizations such as the Egmont Group of Financial Intelligence Units.
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