Cryptocurrency companies are only beginning to adapt to regulatory requirements, and they face a long road to full compliance. This was stated by FATF executive secretary David Lewis, according to Cointelegraph.
He noted that many countries have incorporated FATF recommendations into their legislation. However, in the crypto industry, the so-called ‘travel rule’ for anti-money laundering and countering the financing of terrorism (AML/CFT) is not implemented globally or effectively.
Lewis warned that during the COVID-19 pandemic criminals increasingly used cryptocurrency to launder money and move illicit funds. FATF’s concerns are driven by anonymous coins, mixers, and companies that frequently switch jurisdictions.
Earlier, FATF President Marcus Pleyer said there was a need to adjust the guidelines for the crypto industry, as many countries have not fully implemented the standards adopted previously.
Earlier, in October, the consortium of leading US cryptocurrency companies presented a plan for AML/CFT compliance by its members.
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