Many countries yet to fully implement steps to prevent misuse of virtual assets, says FATF

Subject: IR

Section: Int Org

Context:

The FATF plenary had in February 2023 agreed on a road map to strengthen the implementation of its standards on virtual assets and VASPs.

More on news:

The Financial Action Task Force (FATF) has found that many countries are yet to fully implement its requirements aimed at preventing misuse of virtual assets and virtual asset service providers (VASPs).
The table includes all FATF members plus twenty jurisdictions with materially important VASP activity.
The countries which have explicitly prohibited the use of virtual assets and VASPs are China, Egypt and Saudi Arabia, while it is in progress in Seychelles and Indonesia.

About Virtual Assets:

Virtual assets (crypto assets) refer to any digital representation of value that can be digitally traded, transferred or used for payment.

Status of India:

India, a member country, has conducted a supervisory inspection or included VASPs in its current inspection plan.
India has taken enforcement action or other supervisory action against VASPs; and has passed or enacted the travel rule for VASPs.

About FATF:

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 during the G7 Summit in Paris.
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Its Secretariat is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris.