FATF: 70% of countries lack laws on information-sharing on crypto transactions

The organization’s experts stressed that digital assets include high risks associated with terrorist financing and fraud

01.07.2022 - 11:25

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What’s new? Experts at the Financial Action Task Force (FATF) have conducted a study that found that only 29 out of 98 countries have passed laws on the information-sharing on cryptocurrency transactions, and only 11 of them have begun to supervise compliance with the rules introduced. FATF stressed that digital assets include high risks associated with terrorist financing and fraud.

Material by WSJ

What else did FATF say? The organization noted that the private sector also needs to enhance its ability to exchange information across jurisdictions.

FATF representatives said that they would continue to monitor emerging risks in the crypto sphere, including the use of digital assets to evade sanctions and launder illegal proceeds from ransomware attacks. The organization will next audit jurisdictions in June 2023.

In April, the FATF had already reported a lack of compliance with AML rules in the crypto industry. Back then experts said that the biggest risks were in the European Union, China, and the United States. According to them, these jurisdictions are where the regulation of digital assets should be strengthened.

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