The Financial Action Task Force, or FATF, reported that many countries, including those with virtual asset service providers (VASPs), are not in compliance with its standards on Combating the Financing of Terrorism (CFT) and Anti-Money Laundering (AML).
In a report released Tuesday on the "State of Effectiveness and Compliance with the FATF Standards," the organization said 52% of the assessed jurisdictions in 120 countries had “adequate laws and regulatory structures in place” to address illicit transactions. In addition, the FATF reported that only 9% of countries were “substantially effective” in areas having banks, lenders, money transfer services and VASPs verify users’ information.
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