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FATF: Because Apparently Three-Quarters of Countries Can’t Be Bothered to Follow Their Own Money Laundering Rules

Crypto NewsHackRegulation/Negotiation 1 Doug Martinez August 15, 2024

An illustration of three-quarters of a globe being engulfed by dark clouds while one-quarter remains bright blue; an arrow pointing downwards from the top quarter to emphasize its descent into darkness, with faint outlines of money bags and coins scattered across it. In contrast, the remaining quarter is surrounded by rays of light that form shapes resembling virtual assets or cryptocurrencies. A subtle line separates these two contrasting sections, hinting at a divide between compliance and non-compliance with anti-money laundering standards for the virtual asset sector.

Oh great, here we go again! The Financial Action Task Force is at it once more, trying to sound all serious about combating money laundering and terrorist financing through cryptocurrency. Meanwhile, 97 out of 130 jurisdictions can’t even be bothered to comply with their own recommendations. It’s like they’re just going through the motions

Source: bitcoin.com

Three-Quarters of Jurisdictions Partially or Not Compliant With VASP Sector Recommendation, Says FATF
https://news.bitcoin.com/three-quarters-of-jurisdictions-partially-or-not-compliant-with-vasp-sector-recommendation-says-fatf
Three-quarters of the jurisdictions surveyed by the Financial Action Task Force (FATF) “are only partially or not compliant” with the anti-money laundering recommendation for the virtual assets sector. According to the latest FATF update, 60% (88 jurisdictions) have decided to permit virtual asset service providers (VASPs), while 14% (20 jurisdictions) explicitly prohibit them. The FATF asserts that stablecoins and anonymity-enhancing cryptocurrencies are increasingly being used by terrorist organizations and rogue […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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