Crypto firms are in no hurry to apply FATF recommendations

G20 Executive Secretary David Lewis Believes Crypto Industry Is Not in a HurryPut it into practicerecommendations developed by FATF.

An intergovernmental organization responsible forAnti-Money Laundering, has released cryptocurrency regulation guidelines in 2019. Most jurisdictions have incorporated the recommendations into local legislation. However, crypto companies named “virtual asset service providers” or VASPs in the document are in no hurry to apply the new regulations. Most companies ignore or partially apply the recommendations. According to David Lewis, the crypto business is in no hurry to bring the industry in line with traditional banking rules.

In addition, during the pandemic, cases ofusing cryptocurrencies to move illegal funds. There is evidence that cryptocurrencies are increasingly being used by professional money laundering networks.

Lewis is particularly concerned about the anonymous capabilities of digital services, including decentralized exchanges, privacy coins, and mixers.

The FATF plans to tighten its recommendations and publish a second review of the guidelines around the world in June next year.

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