The Financial Action Task Force or FATF reports that many countries This includes countries with virtual asset providers (VASPs) that do not comply with their own standards for counter terrorism financing (CFT) and anti-money laundering (AML).
In a report released on Tuesday titled “Status of Effectiveness and Compliance with FATF Standards” by the organizationsaid 52% of the countries assessed in 120 countries have “adequate legislation and regulatory structures” to assess the risks and monitor the beneficial owners of companies. Additionally, the FATF reports that only 9% of countries have. “Extremely effective” in this area
“Countries need to prioritize their efforts and demonstrate improvements in the recording, reporting and verification of information about legal and management personnel,” the FATF report said. For example, a type of stock that does not need to be registered under a specific person or business. The competent authorities should have quick access to accurate and up-to-date information.”
According to the report, the FATF aims to create “Effective governance and enforcement system. It includes a range of regulatory measures” to ensure VASP complies with AML and CFT guidelines. The organization says its governance aims to assess risks and mitigate threats in response to management. Potentially Illegal Transactions
The post FATF reveals that only 52% of countries have an ‘adequate legal and regulatory structure’ appeared first on Bitcoin Addict.