From 11 to 21 October 2021, meetings of the working groups and a plenary meeting of the FATF were held. The result of the FATF's work aimed at reducing the risks of money laundering and terrorist financing (ML / TF) associated with the use of virtual assets (VA) was the approval of the updated Guidelines on a risk-based approach to virtual assets and the activities of service providers in the realm of virtual assets.
The said Guide proposes to enshrine the right of the competent authorities of a country to have access to information on beneficial ownership not only of legal entities established in this country, but also of foreign legal entities that pose the risks of money laundering, as well as the risks of financing terrorism and which are degrees are associated with this country.
The updated Guide explains the specifics of applying the FATF standards to stable coins (cryptocurrencies that are tied to stocks of conventional currencies or physical goods - gold, oil) and organizations that use them.
The FATF (Financial Action Task Force on Money Laundering) Recommendations for National Legislation - 40 main recommendations aimed at combating financial crime. The recommendations were first developed in 1990. Subsequently, they were repeatedly revised and supplemented, for example, in 1996 and 2003. Today, these guidelines are the international anti-money laundering standard. National legislation is built on their basis.
Also, the FATF, together with EGMONT, released a report entitled Digital Transformation of AML / CFT Systems for Operational Agencies, which explores the potential for state operational agencies (financial intelligence units) to use new digital tools and technologies in order to improve the efficiency of analysis of operational financial data and identify suspicious activity.
Egmont Group unites financial intelligence units (FIUs) of 165 jurisdictions and provides its members with the opportunity to exchange information through a special secure communication channel.
