Analysis

International Anti-Money Laundering Standards: What About Virtual Currency?

On June 21, the Financial Action Task Force announced that it had adopted an interpretive note to its recommendation on new technologies to further clarify the applicability of the recommendations to virtual asset activities. It also issued guidance to assist countries and businesses on their AML/CFT obligations regarding virtual asset activities. In her International Banking column, Kathleen Scott discusses some of the major points of the new interpretive note and guidance.

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Kathleen A. Scott Kathleen A. Scott

The Financial Action Task Force (FATF) is the international body that sets global risk-based standards on anti-money laundering, terrorist financing and financing proliferation of weapons of mass destruction (AML/CFT). It issues recommendations (FATF Recommendations) for adoption by individual jurisdictions, formal Interpretive notes on the recommendations, and related guidance and reports.

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