Financial Action Task Force

Russia’s Digital Currency Measures Fail to Satisfy FATF, Blacklist Possible

October 17, 2024

Russia’s financial regulator maintains that its anti-money laundering system, including strengthened virtual currency regulations, remains effective even if the country faces potential blacklisting by the Financial Action Task Force (FATF). The agency highlighted new federal laws addressing previous concerns and stressed that no significant deficiencies exist that would justify Russia’s inclusion on the FATF blacklist,…
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Turkey Prepares New Crypto Law to Align With International Standards

May 12, 2024

Turkey is preparing to present a new law to regulate crypto assets to Parliament. The legislation, aimed at aligning with international standards and reducing risks associated with crypto transactions, will enforce strict regulations on the licensing and operation of cryptocurrency trading platforms by the Capital Markets Board. It will also ensure the safe custody of…
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Russia’s FATF Rating Downgraded Over Crypto Regulation Shortfalls

March 1, 2024

The Financial Action Task Force (FATF) has lowered Russia’s rating owing to insufficient oversight of cryptocurrencies, as indicated by regional coverage. According to RBC, this downgrade highlights escalating worries about the country’s capacity to oversee and mitigate dubious transactions within the rapidly expanding realm of digital finance. Russia’s Financial Strategy Challenged by FATF Downgrade The…
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Russia FATF Rating Downgraded Due to ‘Insufficient Crypto Regulation’

March 1, 2024

The Financial Action Task Force (FATF) has downgraded Russia’s compliance rating due to its “insufficient regulation of virtual assets and cryptocurrencies.” Vedomosti reported that German Neglyad, the Deputy Head of the domestic anti-money-laundering regulator Rosfinmonitoring, said the Russia FATF rating was confirmed at a plenary meeting on February 23. Russia FATF Rating: Crypto Regulation Costs…
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Turkey Nears Completion of Crypto Framework; Minister Confirms FATF Compliance

January 10, 2024

Turkey Crypto Regulation Source: Adobe / Husamex Turkey’s Minister of Treasury and Finance, Mehmet Simsek, announced that Turkey is reportedly in the final stages of preparing a legal regulation for crypto assets. He also shared insights into the imminent cryptocurrency law and compliance with the Financial Action Task Force (FATF) standards, emphasizing its broad definition.…
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UK’s Travel Rule comes into effect, could halt certain crypto transfers

September 1, 2023

The crypto Travel Rule, which came into effect on Sept. 1, aims to stop anti-money laundering and counter-terrorist financing activities carried out on-chain. Cryptoasset businesses in the United Kingdom could now begin withholding certain crypto transfers to comply with the new Travel Rule for crypto that came into effect on Sept. 1. The rules targeting…
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Kuwait Capital Markets Authority Reaffirms Comprehensive Crypto Asset Ban

July 21, 2023

In a circular released by the Capital Markets Authority of Kuwait, the regulator reaffirmed its position that Kuwait strictly prohibits the use of virtual currencies and bans mining activities within the Gulf state. The authority also emphasized the importance for businesses to inform customers about potential “risks that may arise” with dealing with crypto assets…
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Crypto Travel Rule implementation ‘remains relatively poor,’ says FATF

June 26, 2023

The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation. A renewed call from the Financial Action Task Force has asked countries to implement the “Travel Rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23,…
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Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards

February 26, 2023

The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.” Countries Agree to Implement FATF Crypto Standards…
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Countries ignoring crypto AML rules risk placement on FATF’s ‘grey list’ — Report

November 8, 2022

Reports suggest the Financial Action Task Force will conduct annual checks to ensure countries are enforcing anti-money laundering rules for crypto providers. Countries failing to adhere to anti-money laundering (AML) guidelines for cryptocurrencies could find themselves added to the Financial Action Task Force’s (FATF’s) “grey list.” According to a Nov. 7 report from Al Jazeera,…
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Tag: Financial Action Task Force