Global regulator warns jurisdictions that they cannot afford to delay the effective implementation of FATF standards as crypto criminals increasingly exploit weak regulatory links.

The Financial Action Task Force (FATF) has called for greater international progress on regulatory, licensing and registration regimes as criminal groups increasingly capitalise on regulatory gaps to funnel billions in illicit proceeds through the virtual asset sector. 

The global regulator’s seventh annual Targeted Update on Implementation of the FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), published yesterday (16 July), centres on jurisdictional compliance with FATF Recommendation 15 (R.15). R.15 was amended…