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Reporting the “limited progress”, the FATF calls on the countries to introduce legislation on the Rules of Traveling ## “countries” that have not yet introduced legislation on travel rules, should do this as soon as possible, and the jurisdiction of the FATF should set an example, ”the organization said.# ## "Countries that have not yet introduced legislation on the rules of travel, should do this as soon as possible, and the jurisdiction of the FATF must set an example," said the organization.

Law, Travel, Cryptocurrency Exchange, Fatf, Regulation

A group of developing financial measures to combat money laundering (FATF) said that 11 of 98 jurisdictions began to apply its standards to combat the financing of terrorism, or FTF, and money laundering, or under. In the updated document published on Thursday, the implementation of FATF standards on virtual assets and suppliers of virtual assets services "FATF said that the" vast majority "of jurisdictions evaluated by the global network of the organization since June 2021," still require significant or moderate improvements "in compliance with compliance Requirements of under/FT in accordance with the rule of travel. According to the FATF, over the past year of the countries, advancing to fulfill these requirements, they have reached "limited progress": 29 out of 98 answers of jurisdictions reported the adoption of legislation related to the rule of travel, and 11 - on the beginning of law enforcement. "While about a quarter of the reservation countries are currently in the process of adopting the relevant legislation, about a third (36 out of 98) have not yet begun the introduction of travel rules," said Fatf. "This gap leaves virtual and virtual suppliers of services vulnerable to abuse and demonstrates an urgent need for jurisdictions to accelerate implementation and law enforcement." The new FATF report on virtual assets shows that only 29 out of 98 jurisdictions accepted the “travel rule” of FATF so that cryptocurrency companies check who is their clients. FATF members should show an example and introduce relevant legislation as soon as possible. See report➡️https: //t.co/pwbaometnfj pic.twitter.com/hpalxiijv - Fatf (@fatfnews) June 30, 2022 The organization added that the private sector companies have achieved progress in introducing decisions to support compliance with travel rules and "take the first steps to ensure compatibility with other decisions." However, the FATF hinted to the need for the speedy implementation of these decisions, given the “significant threat that Ransomware participants can use virtual assets to facilitate payments” and transfer illegal funds through virtual asset services also known as VASP. "Countries that have not yet introduced legislation on travel rules should do this as soon as possible, and the jurisdiction of the FATF should set an example, contributing to implementation, as well as exchanging experience and advanced practice [...] rapid implementation of jurisdictions will stimulate further progress." Similar: Panama President rejected the bill on cryptocurrencies, referring to the recommendations of FATF Among other changes from 2021 - the growth of decentralized financing, or Defi, and non -financial projects, which the FATF called the "complex area for the implementation" of the travel rules. The organization refers to the Chainalysis report, published in February, which "suggests that the threats of criminal use are maintained" in relation to illegal operations in Defi, and came to similar conclusions in relation to NFT, potentially used to "launder transactions". According to the FATF recommendations, VASP, working in certain jurisdictions, must be licensed or registered. In the April update, the organization said that approximately half of the evaluated jurisdictions in 120 countries have "adequate laws and regulatory structures" to assess risks and verify the beneficiaries of companies, urging them as a priority to identify and provide information about cryptocurrency transactions.

6/30/2022