FATF agrees to strengthen enforcement of FATF standards related to virtual assets

The Second Plenary Meeting of the Financial Action Task Force (FATF) agreed on a roadmap for enhanced implementation of FATF standards on virtual assets and virtual asset service providers, including an assessment of the current level of enforcement across the global network. The meeting concluded that since the FATF strengthened its recommendations in October 2018 to deal with virtual assets and virtual asset service providers, many countries have failed to implement revised standards. In the first half of 2024, the FATF will report on the steps taken by FATF members and FSRB countries with significant virtual asset activity to regulate and supervise virtual asset service providers.