Three-quarters of national jurisdictions surveyed by the Financial Action Task Force on Money Laundering (FATF) are partially or completely non-compliant with anti-money laundering guidelines for regulating virtual assets. This was reported in the Group's report .
According to the FATF, the study affected 130 jurisdictions. 97 of them are “partially or fully” non-compliant with Recommendation 15, which requires governments to enforce anti-money laundering standards in crypto. The Group’s experts note that the situation in this area has not fundamentally changed since the spring of 2023.
National jurisdictions are experiencing various difficulties in implementing the recommendations. 29% of them do not conduct risk assessments in the field of virtual assets at all. More than a quarter of study participants still haven't made a decision about whether they should regulate the industry at all.
60% of jurisdictions surveyed by the Group have made a firm decision to legalize cryptocurrencies on their territory, while 14% clearly prohibit them. However, the FATF emphasized that a ban on the use of cryptocurrencies does not equate to the implementation of the Group’s recommendations.
30% of jurisdictions that have not banned virtual assets have not yet adopted legislation regulating the transfer of data in this area. However, even in states that have adopted such laws, their implementation remains at a fairly low level. Only 17 jurisdictions are taking targeted action in this direction.
The report emphasizes that anonymous cryptocurrencies are increasingly being used by terrorist groups and “marginal” states. To avoid this, the FATF recommends that national jurisdictions assess the risks associated with cryptocurrencies and minimize them. The Group’s experts consider it advisable to carry out an international exchange of experience in this area.
