Regulatory Alerts2020-12-24
Added · Updated
GIABA Policy Advisory on AML/CFT Implications for Virtual Assets and VASPs
GIABA urges its Member States to conduct money laundering and terrorist financing risk assessments regarding virtual assets and Virtual Asset Service Providers (VASPs) to align with FATF Recommendation 15. Member States are required to develop or amend legislation to register or license VASPs, subject them to effective AML/CFT supervision, and implement sanctions regimes for non-compliance. The advisory highlights that most GIABA jurisdictions currently lack specific AML/CFT oversight for virtual assets, creating vulnerabilities for criminal exploitation.