Members FATF the so-called “Travel Rule” must be enforced without delay. This is necessary to close loopholes that are not protected by regulations, the organization said in a statement following the plenary meeting.
The FATF plenary has concluded. Delegates of governments from around the world discussed a range of money laundering and terrorist financing issues.
See the outcomes of the plenary here➡️ https://t.co/s0nmYw1ca6#FATFWeek #moneylaundering #terrorismfinancing #followthemoney pic.twitter.com/DTerSET5QT
— FATF (@FATFNews) June 23, 2023
The Travel Rule obliges an institution to transfer customer information to an exchange or recipient institution when processing crypto transactions. The data must include the name and address of the sender and recipient, as well as account information.
On June 23, the FATF stated that “many states” have not yet implemented the AML/CFT rule.
In the survey, more than half of the representatives of the participating countries admitted that they had not taken any action to implement the Travel Rule.
Survey conducted in March 2022 showedthat at that time only 29 of 98 jurisdictions met the necessary requirements in this regard, and a small part began to apply them.
Recall that from June 1, Travel Rule began to operate in Japan.
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