FATF reported insufficient compliance with AML in the crypto industry

According to experts, many countries do not sufficiently regulate the activities of crypto companies

20.04.2022 - 07:30

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1 min

What’s new? The experts of the Financial Action Task Force on Money Laundering (FATF) have concluded that many countries do not comply with AML (anti-money laundering) requirements for cryptocurrency companies. Such data is contained in the FATF’s “Report on the state of effectiveness and compliance with the FATF standards.”

The full version of the FATF’s report

What else did the FATF say? According to the report, 37% of global jurisdictions are partially compliant with FATF regulations, while 9% are not in compliance with anti-money laundering measures. The published document indicates that the greatest risks are present in the European Union, China, and the United States. According to experts, this is where regulation of the cryptocurrency industry should be strengthened.

What had happened before? In March 2022, the Bank of England Financial Policy Committee requested additional powers from the government to strengthen oversight and regulation of cryptocurrencies. In its report, the Central Bank stated that the adoption of digital assets poses financial risks and urged commercial banks to exercise caution.

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