As digital assets continue to integrate into the global financial system, the Financial Action Task Force (FATF) is urging countries to take faster, more decisive action against their misuse. In its sixth targeted update on the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) rules for virtual assets (VAs) and virtual asset service providers (VASPs), the global watchdog identifies severe gaps in enforcement that are allowing illicit finance to flourish across sectors, including online gaming. The report evaluates jurisdictions’ compliance with FATF Recommendation 15 and its Interpretative Note. These guidelines, revised in 2019, extend AML/CFT responsibilities to VASPs. While 99 jurisdictions have implemented or are working on relevant laws, FATF warns that inconsistency and weak enforcement remain critical concerns. “Jurisdictions continue to face difficulties in identifying natural or legal persons that conduct VASP activities,” the report stated. Travel Rule Progress Uneven and Mostly Unenforced A major focus of the report…Â Read More
Category: NewsÂ
Source: Casino News Daily
