The Financial Action Task Force (FATF) is an intergovernmental organization that develops and promotes policies to combat money laundering and terrorist financing. It sets international standards and assesses countries’ adherence to these measures. The FATF works to prevent illegal activities from impacting the global financial system. Its recommendations serve as a foundation for national legislation.
Context
The FATF’s guidance is critically important for the cryptocurrency and digital asset sector, particularly concerning anti-money laundering (AML) and counter-terrorist financing (CTF) compliance. Discussions often address the “Travel Rule” and its implementation by Virtual Asset Service Providers (VASPs). Future focus involves adapting its standards to novel digital asset structures and decentralized applications.
Global VASPs must immediately integrate Confirmation of Payee systems to comply with the Travel Rule's new anti-fraud and proliferation financing mandate.
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