FATF Supervisors’ Forum Discusses VASP Laws

The FATF Supervisors’ Forum, held on January 9, looked into supervising and regulating virtual assets and virtual asset service providers (VASPs).

The Financial Action Task Force (FATF) has finalized VASPs regulations in June 2019, which are mainly aimed at combating money laundering.

The meeting, chaired by the FATF President Xiangmin Liu, was attended by almost 100 representatives from more than 40 member states.

This initiative is part of FATF’s plan to encourage national authorities to undertake more effective supervision.

In his Keynote address, Liu highlighted the significance of supervision in combating the financing of terrorism and money laundering.

Participants in this major event shared their experience on common issues, and discussed some initiatives. They discussed how to improve cross-border supervision, and suggested that supervisors should seize the opportunities offered by new technologies.

Ethereum developer Virgil Griffith was jailed in November 2019 for violating FATF’s regulations. He allegedly passed on confidential information about blockchain in North Korea.

However, Griffith was expected to be released on bail, but despite paying the bail, his release was delayed for 10 days without any explanation.

According to FATF’s regulations, citizens of member states will be judged in case of dealing with other countries not abiding by the authority’s laws.  

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.