Saturday, December 3, 2022

Crypto Countries Must Adhere to Global Anti-Money Laundering Rules: FATF

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The misuse of cryptocurrencies in the illegal laundering of money has been a matter of concern for India and many other nations for a while now. Under the circumstances, the focus on driving the adoption of global rules against crypto-linked money laundering rules has become top priority for the Financial Action Task Force (FATF). The Paris-based global financial watchdog has, in a way, unofficially mandated countries to abide by its anti-money laundering (AML) regulations to avoid being ‘grey listed’.

FATF’s ‘grey list’ names those countries that are under Increased monitoring by the global financial watchdog.

The FATF is planning to hold annual checks across nations to make sure that each of them is enforcing preventative rules against the use of crypto in money laundering and terror financing, Al Jazeera reported citing officials familiar with the development.

As per the FATF guidelines, the governments of several countries need to collect identificatory information on the senders, recipients, and beneficiaries of virtual assets. The regulations also ask all virtual assets service providers (VASPs) to be registered and licenced within the countries.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360


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