Anti-Financial Crime & Financial Crime Compliance
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NEWS: Lax international crypto standards have left ‘significant loopholes’ – FATF 2023-24 annual report

By PAUL O’DONOGHUE, Senior Correspondent

THE international failure to implement tighter standards for crypto companies has resulted in major loopholes which can be exploited by criminals, according to the former president of the Financial Action Task Force (FATF).

T. Raja Kumar said that countries must follow the FATF guidance on virtual assets and virtual asset service providers (VASPs) “to prevent their misuse for illicit finance”.

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