Aiming to align with global AML standards, Japan is pushing for enhanced digital asset regulation in hopes that the move would help avoid the recurrence of large-scale collapses in the industry.
Part of the conditions set by the Financial Action Task Force to remove Pakistan from its “grey list” was the ban on digital currencies, according to Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha.
Kim Nam-kuk, an opposition member of the South Korean National Assembly, is under investigation in connection with allegedly liquidating KRW 6 billion worth of digital currencies.
FATF says Africa’s two largest economies must do better to fight money laundering, with both countries decrying the listing as they’ve made “substantial efforts.”
Countries covered by the Financial Action Task Force are required to conduct anti-money laundering reviews annually instead of every 10 years or risk being added to the 'grey list,' or worse, be blacklisted.
Beginning January 2023, wallet providers and digital asset exchanges in Switzerland will be mandated to follow the new KYC regulations, including a CHF1,000 threshold on digital asset transactions.
Exchanges appear to be unfazed by Japan's heightened monitoring of virtual currency transactions, which include stiffer penalties on firms and individuals involved in laundering digital assets.
With the new law, criminal penalties may be applied to exchange operators who fail to provide customer information such as names and addresses when performing transfers with other exchanges.
Lenders and money service businesses, including digital asset exchanges, had the poorest understanding among financial institutions, according to the Financial Action Task Force report.
Georgia’s central bank is working with the IMF on the regulations, which will include registration of VASPs, compliance testing, and AML control requirements.
Two EU Parliamentary Committees have approved draft legislation to allow greater traceability and monitoring of blockchain wallet transactions that some say contain "red flags" for privacy.
All South Korean exchanges now adhere to the FATF Travel Rule, with transfers above $821 being flagged as DeFi and NFT traders expect to feel the heat.
