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AML SANCTIONS

FINANCIAL ACTION TASK FORCE (FATF): ANTI-MONEY LAUNDERING (AML) SANCTIONS.

Paris, 7 July 2020 – The FATF has completed a review of the implementation of its revised Standards on virtual assets and virtual asset service providers, 12 months after the FATF finalized these amendments. The June 2019 revisions to the FATF Standards clearly placed anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). The FATF also agreed to undertake a 12-month review by June 2020 to measure how jurisdictions and the private sector have implemented the revised Standards, as well as monitoring for any changes in the typologies, risks and the market structure of the virtual assets sector.

This report sets out the findings of the review. The report reviews the implementation of the revised Standards and sets out:

  • how money laundering and terrorism financing risks and the virtual asset market have changed since June 2019 (Section 1);
  • jurisdictions’ progress in implementing the revised Standards (Section 2);
  • the private sector’s progress in implementing the revised Standards, including the development of technical solutions for the implementation of the travel rule (Section 3);
  • issues identified with the revised FATF Standards and Guidance (Section 4); and
  • FATF’s next steps regarding virtual assets (Section 5).

12 MONTH REVIEW OF REVISED FATF STANDARDS - VIRTUAL ASSETS AND VASPs.