- 17 September 2020
- Posted by: admincryptovalues_wp
- Category: EU Law, World News
The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.
“INTRODUCTION:
Virtual assets (VA) and related services have the potential to spur financial innovation and efficiency, but their distinct features also create new opportunities for money launderers, terrorist financiers, and other criminals to launder their proceeds or finance their illicit activities.
The ability to transact across borders rapidly not only allows criminals to acquire, move, and store assets digitally often outside the regulated financial system, but also to obfuscate the origin or destination of the funds and make it harder for reporting entities to identify suspicious activity in a timely manner.
These factors add hurdles to the detection and investigation of criminal activity by national authorities.” […]
[…]continues… Virtual-Assets-Red-Flag-Indicators
Source: Fatf-Gafi