FATF to Countries: Tighten Oversight on Virtual Assets

FATF to Countries: Tighten Oversight on Virtual Assets

• Says criminals increasingly using stablecoins to move illicit funds

Ndubuisi Francis in Abuja

Global anti-money laundering (AML), anti- terrorist financing watchdog, Financial Action Task Force (FATF), has urged governments across the world to tighten oversight of the digital asset sector, warning that criminals are increasingly using stablecoins to move illicit funds.

The warning was contained in the global regulator’s just-released seventh annual Targeted Update on Implementation of the FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), which centred on jurisdictional compliance with FATF Recommendation 15 (R.15).