Key facts
- The FATF said the review would focus on jurisdictions with materially important virtual asset service provider activity.
- The FATF did not name the jurisdictions under review or say how many would be included.
- The FATF said its regular assessments and follow-up procedures would remain the main compliance tools.
- A July FATF report found 83% of surveyed jurisdictions had adopted crypto Travel Rule legislation.
- That report found 55 of 91 jurisdictions with Travel Rule laws had taken no supervisory or enforcement action.
The Financial Action Task Force, an intergovernmental body that sets global standards to combat money laundering, announced on Friday that it was launching a targeted review of jurisdictions with significant crypto activity, aimed at gaps in how governments apply those standards.
The FATF said the review would focus primarily on jurisdictions with materially important virtual asset service provider activity, taking their existing assessment status into account. It said its regular assessments and follow-up procedures would remain the main tools for evaluating compliance.