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New mutual assessment methodology published by FATF

New mutual assessment methodology published by FATF

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.

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