At the moment, the document is for informational purposes only. The new phase of mutual evaluations will focus on the effectiveness of the implementation of AML/CFT measures.
Subject to FATF recommendations, all countries must define the term “virtual assets” as “property,” “income,” “funds,” “funds or other assets,” or other “relevant value.” A license is required for cryptocurrency activities. Anyone who breaks the law is not allowed to own or operate a VASP.
Countries should impose criminal, civil or administrative penalties for non-compliance with AML/CFT requirements. As oversight and monitoring are implemented, the level of AML/CFT compliance should increase. The FATF expects this to lead to a reduction in money laundering and terrorist financing activity, in particular through the use of cryptocurrencies.