FATF Launches Targeted Review of Crypto AML Gaps

The Financial Action Task Force (FATF) has launched a targeted review of jurisdictions with materially important virtual asset service provider activity, citing uneven implementation of its global standards for crypto businesses. Announced on October 30, the review focuses on jurisdictions selected according to their current assessment status. The process targets gaps in anti-money laundering and counter-terrorist financing controls affecting virtual assets and crypto exchanges . FATF said criminal networks continue exploiting the cross-border nature of virtual assets and weaknesses in national implementation. The targeted review will complement, rather than replace, the organization’s existing mutual evaluation and follow-up processes. FATF also plans closer engagement, training and capacity-building , while urging donors and technical assistance providers to prioritize jurisdictions facing significant challenges implementing Recommendation 15.

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