FATF Targets Crypto Hubs in Review of Money Laundering Controls
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Written by Ezra Reguerra, staff writer | Edited by Yohan Yun, staff editor
The Financial Action Task Force (FATF) is launching a targeted review of jurisdictions with significant crypto activity to address gaps in global anti-money laundering standards.
Key Points:
- The review will focus on jurisdictions with "materially important" virtual asset service provider (VASP) activity.
- Initial findings are expected in June 2027, with further results in October 2027.
- The FATF did not name the jurisdictions under review.
Background:
A July FATF report showed that 83% of surveyed jurisdictions had adopted crypto Travel Rule legislation, but significant enforcement gaps remain. 55 jurisdictions with Travel Rule laws had not taken action against non-compliant crypto businesses.
The Travel Rule requires crypto service providers to share information about the sender and recipient of transfers.
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