FATF: Strengthening the supervision of global virtual assets (I)


Si Gyeongmin

Sep 05, 2021

The Financial Action Task Force (FATF) is an independent intergovernmental agency responsible for formulating and implementing financial policies. FATF mainly protects the global financial system from the threats of money laundering, terrorism financing, and proliferation financing of weapons of mass destruction, and formulates and perfects corresponding international standards to ensure that international standards keep pace with the times and are effective. In June 2019, the revised "FATF Standards" clearly put forward Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements for virtual assets and Virtual Asset Service Provider (VASPs). FATF also decided to complete a 12-month review before June 2020 to measure how jurisdictions and departments implement the revised virtual asset standards and monitor changes in the types, risks, and market structure of the virtual asset industry. On July 7, 2020, after 12 months of review, FATF completed the review of the implementation of the revised standard and issued the review report.


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