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The Financial Action Task Force (FATF) has released its latest standards combating money laundering and terrorism, and it includes the much-debated “travel rule,” requiring exchanges to ...
The Financial Action Task Force holds its summer plenary meeting Wednesday. Here's what to expect with the anti-money laundering watchdog discussing crypto.
FATF was formed at the 1989 G7 Summit in Paris to combat the growing problem of money laundering. The task force was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering.
Crypto businesses seeing strong growth across the 54-country continent are working hard to meet the FATF's anti-money laundering standards.
The FATF updates the blacklist regularly, adding or deleting entries. [4] The FATF describes "High-risk jurisdictions subject to a Call for Action" as having "significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF ...
Often linked in legislation and regulation, terrorism financing and money laundering are conceptual opposites. Money laundering is the process where cash raised from criminal activities is made to look legitimate for re-integration into the financial system, whereas terrorism financing cares little about the source of the funds, but it is what the funds are to be used for that defines its scope.
Industry leaders reflect on PayPal's reported plan to offer direct access to crypto for its 325M users, while banks and crypto startups look for solutions to FATF's Travel Rule.
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