FATF Recommendations are a set of international standards and guidelines issued by the Financial Action Task Force aimed at combating money laundering and terrorist financing. These recommendations extend to virtual assets and virtual asset service providers, urging jurisdictions to implement regulatory oversight and preventative measures. They establish a global benchmark for financial integrity.
Context
The FATF Recommendations are a central point of discussion for cryptocurrency exchanges, regulatory bodies, and blockchain projects worldwide. Compliance with these standards is critical for fostering legitimate digital asset operations and integrating crypto into the global financial system, while non-compliance can lead to financial exclusion and heightened scrutiny.
Global VASPs must urgently operationalize the Travel Rule, as the FATF cites a 75% jurisdictional compliance shortfall, demanding rapid domestic legislative action.
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