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
417
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
Analysts at JPMorgan Bank believe the asset will continue to face pressure amid growing competition
Feb 6, 2025
Market
The hacker used the account to promote MEOW and DCOIN scam tokens
Feb 6, 2025
Market
The company’s operating expenses rose 693% year-over-year to $1,103 billion
Feb 6, 2025
Crypto regulations
Group head Hester Peirce criticized the regulatory approach formed by former chairman Gary Gensler
Feb 5, 2025
Incidents
This status has been maintained for the first cryptocurrency since September 2021 but was canceled due to pressure from the IMF
Feb 3, 2025
Market
The Taproot Assets network will be used for the integration
Jan 31, 2025