The Crypto Roundup: 26 June 2023 | CryptoCompare.com

The Financial Action Task Force (FATF) has urged nations worldwide to enforce the “Travel Rule” to combat money laundering and terrorism financing with the use of cryptocurrencies.

The United Nations entity, tasked with battling financial crimes, has noted that “many” member states have so far failed to implement the Travel Rule, pointing out that over half of the respondents in a survey indicated they had not made any progress toward implementing the rule.

The Travel Rule is a crucial FATF requirement devised to prevent funds from being funneled to sanctioned individuals or entities. The organization urged nations to apply anti-money laundering and counter-terrorism financing safeguard to crypto activities, in a bid to stop criminals from capitalizing on “significant loopholes” left unprotected by regulatory measures.

Designed to unmask the anonymity of illicit cryptocurrency transactions, the FATF Travel Rule was introduced in June 2019 and last updated in June 2022. The FATF plans to release a report this week urging member nations to adopt its recommendations to plug the gaps that criminals are currently exploiting.

Emerging risk areas such as stablecoins, decentralized finance, nonfungible tokens, and peer-to-peer transactions, all of which are ripe for illicit activities, will also be covered in the forthcoming report.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/26/