{"id":10590,"date":"2023-02-26T02:38:07","date_gmt":"2023-02-26T02:38:07","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10590"},"modified":"2023-02-26T02:38:08","modified_gmt":"2023-02-26T02:38:08","slug":"over-200-jurisdictions-agree-on-timely-implementation-of-fatf-crypto-standards","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10590","title":{"rendered":"Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on \u201can action plan to drive timely global implementation of FATF standards\u201d on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the \u201ctravel rule.\u201d<\/strong><\/p>\n<h2>Countries Agree to Implement FATF Crypto Standards<\/h2>\n<p>The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. \u201cDelegates from over 200 jurisdictions of the Global Network participated\u201d in a number of discussions at its headquarters in Paris, the FATF said.<\/p>\n<p>A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating:<\/p>\n<p>Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed crypto assets) globally, including on the transmission of originator and beneficiary information.<\/p>\n<p>\u201cThe lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers exploit,\u201d the FATF claimed.<\/p>\n<p>The global anti-money laundering watchdog revealed that since its strengthened Recommendation 15 in October 2018 for crypto assets and crypto service providers, \u201cmany countries have failed to implement these revised requirements, including the \u2018travel rule\u2018 which requires obtaining, holding and transmitting originator and beneficiary information relating to virtual assets transactions.\u201d<\/p>\n<p>The FATF relies on a global network of FATF-Style Regional Bodies (FSRBs), in addition to its own members, to achieve global implementation of its recommendations.<\/p>\n<p>\u201cThe plenary thus agreed on a roadmap to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network,\u201d the standard-setting body emphasized, elaborating:<\/p>\n<p>In the first half of 2024, the FATF will report on steps FATF members and FSRB countries with materially important virtual asset activity have taken to regulate and supervise virtual asset service providers.<\/p>\n<p><em><strong>What do you think about over 200 jurisdictions agreeing on the timely implementation of FATF standards on crypto assets? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/over-200-jurisdictions-agree-on-timely-implementation-of-fatf-crypto-standards\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on \u201can action plan to drive timely global implementation of FATF standards\u201d on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the \u201ctravel rule.\u201d Countries Agree to Implement FATF Crypto Standards [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-10590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10590"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10590\/revisions"}],"predecessor-version":[{"id":10592,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10590\/revisions\/10592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10591"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}