Law360, London (July 6, 2021, 4:28 PM BST) — More than half of national jurisdictions have failed to implement standards to prevent virtual assets being used for money laundering or terrorist financing, a global watchdog said on Tuesday, a lapse that leaves opportunities for criminals to misuse cryptocurrencies.
The Financial Action Task Force said that, this year, 70 of 128 reporting jurisdictions, or 55%, have not implemented the intergovernmental group’s standards on virtual assets. The watchdog added that 19 jurisdictions had not implemented its standards in 2020 and only 54 had provided information.
The task force finalized the rules in 2019 to place AML and counter-terrorist financing requirements on virtual assets and…
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