REGULATION: FATF Agrees on Action Plan to Drive Implementation of Global Crypto Norms

The Financial Action Task Force has agreed on an action plan to drive the “timely implementation” of its global standards for crypto, a report from its recent plenary meeting shows.

The plenary for the global money-laundering and financial crimes watchdog is made up of 206 members, including observer organizations such as the International Monetary Fund, United Nations and Egmont Group of Financial Intelligence Units.

In Friday’s document, the watchdog noted that many countries have failed to implement its norms, including its controversial “travel rule,” which requires services providers to collect and share information of crypto transactions..

“The plenary thus agreed on a road map to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network,” the FATF said, adding that a report on its findings is due in the first half of 2024.

FATF published its updated standards for crypto in 2019, but last June, it said only 11 of 98 surveyed jurisdictions were enforcing the travel rule and urged them to act faster.

The report also noted that strong crypto regulation is key to disrupting financial flows from ransomware exploits, adding that “criminals responsible are getting away undetected with large amounts of money, predominantly using virtual assets.”

In its country-specific recommendations – mostly addressing sanctions compliance – the FATF said Jordan “should continue to work on implementing its action plan to address its strategic deficiencies” for assessing money-laundering risks involving crypto.

5 September 2025

FRANCE: Geopolitical Tax Reforms in Europe: France’s Crackdown on Ultra-Wealthy Reshapes Investment Flows

In 2025, France has emerged as a pivotal battleground in Europe’s evolving tax landscape, with its intensified focus on curbing ultra-wealthy tax evasion triggering significant shifts in asset allocation

Read More
10 January 2025

SINGAPORE: Malaysia unveils tax breaks for new economic zone with Singapore

Malaysia unveiled a slew of tax incentives to lure investors to its joint special economic zone (SEZ) with Singapore that seeks to add US$26 billion ($35.5 billion/RM117 billion) per year to the Malaysian

Read More
6 August 2024

ASIA: India demands $86M from Binance in unpaid GST taxes

Binance faces a demand for nearly $86 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban. Indian law enforcement agencies have demanded 722 crore Indian

Read More
8 November 2024

CAREY OLSEN: Carey Olsen Bermuda celebrates standout results in The Legal 500 Caribbean

Press Release from Carey Olsen, Friday 8 November, 2024. Carey Olsen Bermuda Limited has achieved its strongest rankings to date in The Legal 500 Caribbean 2025 guide, securing five Tier 1 practice

Read More