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
![FATF: 70% of countries lack laws on information-sharing on crypto transactions](https://storage.getblock.net/source/1/F9-oEGRIcixAknMQzkLx8t7qsp9csol4.webp)
01.07.2022 - 11:25
328
1 min
0
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.
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024