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ARTICLE · 26 JULY 2019

FATF Issues Guidance On Virtual Assets

McCarthy Tétrault
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On June 21, 2019, the Financial Action Task Force[1] ("FATF") released Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers as well as a Draft Interpretive Note

CanadaTechnology
CyberLex Blog
CyberLex Blog
Ana Badour
Ana Badour
Arie Van Wijngaarden
Arie Van Wijngaarden
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On June 21, 2019, the Financial Action Task Force1 ("FATF") released Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers as well as a Draft Interpretive Note to FATF Recommendation 15 addressing virtual assets (together, the "FATF Guidance").  The FATF Guidance clarifies a risk-based approach to virtual assets ("VAs") and virtual asset service providers ("VASPs") for anti-money laundering ("AML") and counter terrorism financing ("CTF") purposes. The FATF have provided member countries (which include Canada) with 12 months to adopt these guidelines, with a review set for June 2020.

The most recent FATF Guidance builds upon previous statements by the organization that its requirements apply to VAs and VASPs.  This coincides with a global current of regulatory interest in such assets.  For example, in the US, the Financial Crimes Enforcement Network (FinCEN) recently issued guidance on how its regulations apply to money transmission

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