FATF updates Guidance for Virtual Assets and Virtual Asset Service Providers
The Financial Action Task Force (FATF) is an inter-governmental body that sets international standards aiming to prevent global money laundering and terrorist financing. As the virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary, the FATF has recently updated its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (hereinafter: “VASPs”).
According to the FATF’s press release, the updated Guidance would form part of the FATF’s ongoing monitoring of the virtual assets and VASP sector. The FATF standards would require countries to assess and mitigate their risks associated with virtual asset financial activities and providers, license or register providers and subject them to supervision or monitoring by competent national authorities. VASPs are subject to the same relevant FATF measures that apply to financial institutions. According to the FATF, the new guidance shall help countries and VASPs to understand their anti-money laundering and counter-terrorist financing obligations and how to effectively implement the FATF’s requirements in this sector. Therefore, the guidance includes updates focusing on six key areas and shall provide relevant examples and potential solutions to implementation obstacles.
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