Financial crime watchdog, the Financial Action Task Force (FATF), has raised an alarm over the rise of illicit finance through cryptocurrencies, warning that this could have dire consequences for the global financial market.
As a result, the body calls on countries to accelerate the implementation of anti-money laundering (AML) and counter-terrorist financing (CFT) measures in the rapidly evolving virtual asset (VA) sector.
In its sixth targeted update on global AML/CFT compliance related to virtual assets and virtual asset service providers (VASPs), released Thursday, the FATF reported progress in regulatory development, but highlighted major gaps in supervision, enforcement, and cross-border coordination.
