The Financial Action Task Force (FATF) has published a new Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. The guidance addresses how virtual assets activities and virtual asset service providers fall within the scope of the FATF Recommendations (Section II); how countries and competent authorities should apply the FATF Recommendations in the context of virtual assets or virtual asset service providers (Section III); and how the FATF Recommendations should apply to virtual asset service providers, and other entities (including banks, securities broker-dealers) that engage in or provide virtual asset covered activities. The Guidance also includes examples of national approaches to regulating and supervising virtual asset activities and virtual asset service providers to prevent their misuse for money laundering (ML) and terrorist financing (TF). The FATF plans to establish a Contact Group to engage industry and monitor industry-led efforts to enhance compliance with the FATF Standards and better safeguard the international financial system from abuse. It will also monitor implementation of the new requirements by countries and service providers and conduct a 12-month review in June 2020.