Participants in the FATF must promptly implement the so-called ‘Travel Rule’ to close gaps not covered by regulatory acts, the organisation said in a statement following its plenary session.
The FATF plenary has concluded. Delegates of governments from around the world discussed a range of money laundering and terrorist financing issues.
See the outcomes of the plenary here➡️ https://t.co/s0nmYw1ca6#FATFWeek #moneylaundering #terrorismfinancing #followthemoney pic.twitter.com/DTerSET5QT
— FATF (@FATFNews) June 23, 2023
The Travel Rule obliges a financial institution processing crypto transactions to transmit information about the client to the exchange or recipient institution. The data should include the sender’s and recipient’s name and address, as well as account details.
On 23 June, the FATF noted that the AML/CFT rule has yet to be implemented.
In the survey, more than half of representatives of participating countries admitted that they had taken no steps to implement the Travel Rule.
A March 2022 survey showed that at that time only 29 of 98 jurisdictions met the necessary requirements in this respect, and a small portion had begun to apply them.
As noted, since 1 June, the Travel Rule has taken effect in Japan.