FATF agreed to the action plan to promote the implementation of the global encryption specification

It is reported that the results of the recent plenary meeting of the Financial Action Task Force (FATF) show that the FATF has reached an agreement on an action plan to promote the timely implementation of its global standard for cryptocurrencies. The decision made at the plenary meeting released on Friday pointed out that many countries have failed to implement the FATF specification, including its controversial Travel Rule, which requires service providers to collect and share encrypted traders’ information. The plenary meeting therefore reached an agreement on the road map to strengthen the implementation of FATF virtual assets and virtual asset service provider standards, which will include an inventory of the current implementation level of the global network. The report on its findings will be released in the first half of 2024.

Interpretation of this information:

The recent plenary meeting of the FATF has resulted in an action plan to promote the implementation of global cryptocurrency standards, including the controversial Travel Rule. The FATF has expressed concern over the failure of many countries to implement these standards and has arranged a road map to strengthen their implementation, which includes assessing the current level of implementation across the global network. The report on this assessment will be released in 2024.

The FATF is an intergovernmental organization established in 1989 to combat money laundering and terrorist financing. They have created a set of global standards for virtual assets and virtual asset service providers to prevent illicit activities, including the Travel Rule. The Travel Rule requires service providers to collect and share encrypted traders’ information to prevent money laundering and other illegal activities. However, the implementation of these standards has been a challenge for many countries.

The plenary meeting of the FATF has recognized this challenge and taken steps to address it by creating an action plan to promote the timely implementation of global cryptocurrency standards. This plan includes assessing the current level of implementation across the global network and releasing a report on the findings in 2024. By doing so, the FATF hopes to encourage countries to comply with their standards and prevent illicit activities in the virtual asset market.

In summary, the FATF has reached an agreement on a plan to promote the implementation of global cryptocurrency standards, including the controversial Travel Rule. The plan includes assessing the current level of implementation across the global network and releasing a report on the findings in 2024. The three key takeaway terms from this message are FATF, virtual assets and service providers, and Travel Rule.