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Most Jurisdictions Not Compliant with International Anti-Money Laundering Norms for Crypto, Says FATF

June 23 (Cointime) - The Financial Action Task Force (FATF) has stated that most jurisdictions are not fully complying with international anti-money laundering norms for cryptocurrency. The watchdog's statement following a plenary meeting chaired by Singapore's T. Raja Kumar revealed that almost three quarters of jurisdictions are only partially compliant or not compliant with the FATF's requirements for virtual assets.

The statement also highlighted North Korea's use of illicit virtual assets to finance weapons of mass destruction and called for companies to prioritize anti-money laundering norms. A forthcoming report from FATF will focus on emerging risks from decentralized finance and peer-to-peer transactions that do not use a regulated intermediary.

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