6th July 2022
FATF Update – Targeted Update on the Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers
The Financial Intelligence Analysis Unit (FIAU) would like to inform all subject persons that the Financial Action Task Force (FATF) has issued a third report on the implementation of the FATF Recommendations within the context of Virtual Assets (VAs) and the Virtual Asset Service Providers’ sector.
While this document provides an update on the general status of the implementation and enforcement of the FATF’S Recommendation 15 and the accompanying Interpretative Note, it places special focus on the implementation of the Travel Rule within the context of VAs. Additionally, information is provided on the market developments and emerging risks which are constantly being monitored by the FATF.
This publication can be found on the FATF website.
Revision of Recommendation 25 – White Paper for Public Consultation
The FATF has also published a white paper regarding Recommendation 25 which deals with the transparency and beneficial ownership of legal arrangements, with the aim of gathering information on how it may be improved. The consultation process consists in a series of questions intended to solicit input on how the misuse of legal arrangements for money laundering and terrorist financing may be further limited.
The white paper may be accessed through the following link to the FATF website. The public at large is invited to provide its comments and insights.
Anyone interested may submit a response by the 1st August 2022 (18:00 CEST) by sending an email to [email protected] with the subject-line “Comments of [author] on the draft Amendments to Recommendation 25”. Kindly refer to the link provided above for further information.