FATF Asks G7 Group Countries To Monitor Financial Flows Through Crypto

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FATF Asks G7 Group Countries To Monitor Financial Flows Through Crypto. President of the Financial Action Task Force (FATF), T Raja Kumar, has asked developed countries in the G7 group to take the lead in implementing the watchdog’s recommendations to combat illegal financial flows through cryptocurrencies.

In a strongly worded letter entitled “A end to the lawless crypto space”, Kumar emphasized the need for urgent action to close the lawless space that allowed criminals, terrorists and rogue states to exploit crypto assets.

Read Also: Binance Leaves Canada After Challenging Crypto Regulations

The FATF has been urging countries to adopt its newest requirements, including a controversial “travel rule” that mandates crypto service providers to collect and share information about high-value transactions to prevent money laundering and the financing of terrorism.

FATF Asks G7 Group Countries To Monitor Financial Flows Through Crypto. Kumar highlighted the progress in implementing the FATF’s latest requirements on crypto assets has been relatively poor, with 73 percent of countries still not complying or only partially complying with the standards.

While analysts estimate only a small percentage of crypto transactions are illegal, Kumar believes this figure may be too low.

He emphasized the importance of G7 countries taking the lead in fully implementing FATF global standards to ensure mutual success in combating illicit financial activities facilitated by cryptocurrencies.

The G7 leaders have met in Hiroshima, Japan, and have discussed various agenda items, including the regulation of cryptocurrencies and the crypto industry as a whole.

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