The Financial Action Task Force (FATF) has published its 12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers (VASPs). This is the review of the June 2019 revision of FATF Standards.
The document’s key topics are the following:
– Money Laundering/Terrorist Financing (ML/TF) risks and the virtual asset market;
– State of implementation by both the public and the private sector of the revised FATF Standards on virtual assets and VASPs (including the implementation of the Travel Rule);
– Issues identified with the revised FATF Standards and Guidance (including issues regarding the Travel Rule implementation).
FATF will conduct a second 12-month review by June 2021 and consider whether further updates are necessary. Inter alia, by June 2021 – FATF says – the VASP sector will have had time to implement travel rule solutions globally.