G-7 Countries Must Effectively Implement Travel Rule To End ‘Lawless’ Crypto Space, Says FATF Chief

[ad_1]

The advanced economies of the Group of Seven (G-7) must take the lead in implementing the recommendations of the Financial Action Task Force (FATF) to combat illicit financial flows via cryptography, the chairman of the group said on Thursday. global financial crime watchdog.

The strongly worded message titled “The end of anarchic crypto space” was released ahead of a meeting of G-7 leaders in Hiroshima, Japan, starting on Friday.

The FATF has urged countries to implement its controversial “travel rule” which requires crypto service providers to collect and share information about transactions above a certain threshold, designed to combat money laundering and terrorist financing through digital assets.

“Countries around the world have made progress in implementing most standards; however, progress in implementing the updated FATF requirements on crypto assets has been relatively poor,” Kumar said, adding that 73% of countries are still “non-compliant or only partially compliant” with the dog’s standards. on guard.

“Countries must take urgent action to close lawless spaces, which allow criminals, terrorists and rogue states to use crypto assets,” Kumar said.

G-7 countries taking the initiative to “fully and effectively implement the FATF global standards are critical to our collective success,” Mr. Kumar said.

[ad_2]