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ARTICLE · 28 NOVEMBER 2021

FATF – Updated Guidance For A Risk-Based Approach To Virtual Assets And Virtual Asset Service Providers

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On the 28th October 2021, FATF, an inter-governmental body that sets international standards with an aim to prevent global money laundering and terrorist financing, released updated guidance related to VA and VASPs.

MaltaFinance and Banking
Simon Mangion
Simon Mangion
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On the 28th October 2021, The Financial Action Task Force (FATF), an inter-governmental body that sets international standards with an aim to prevent global money laundering and terrorist financing, released updated guidance related to Virtual Assets (VA) and Virtual Asset Service Providers (VASPs). The updated Guidance for a Risk-Based Approach for Virtual Assets and VASPs (hereinafter the "Guidance") is part of the FATF's ongoing efforts to monitor the virtual assets and virtual asset service provider sector. The FATF continues to remain vigilant and will closely monitor the VA and VASPs sector for any material changes that may require further revision or clarification of the FATF Standards. This includes in relation to areas covered in the Guidance document such as stablecoins, peer-to-peer transactions, non-fungible tokens and decentralised finance.

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