FATF Plans Closer Scrutiny of Countries With Weak Virtual Asset Controls
The Financial Action Task Force agreed to review jurisdictions with persistent weaknesses in virtual asset oversight, according to a November 6 US Treasury readout. The review will assess implementation of existing standards and inform possible accountability measures at a future plenary; no specific jurisdictions or sanctions have yet been announced. The move could increase pressure on countries to enforce rules covering customer identification, suspicious activity reporting and transfer information under the Travel Rule. Any effects on crypto firms will depend on later decisions and national implementation. The plenary also addressed scam-center financing and illicit finance linked to Iran, framing digital assets as part of broader cross-border financial crime enforcement.
