U.S. Largely Compliant with FATF Crypto Recommendations

The FATF crypto recommendations compliance report of out and the United States has scored high marks. The Financial Action Task Force (FATF) has released a report regarding the level of adherence to its crypto guidelines by the member countries. The United States has secured a good score but is still not fully compliant with all the guidelines. The FATF recommendations are a wide gamut of guidelines to be followed to ensure that countries prevent money laundering, crypto frauds, and terror financing activities. These anti-money laundering recommendations are adopted by 180 countries across the globe. Though not legally binding, the member nations willingly adhere to them to ensure transparency in their financial systems. Expulsion from FATF membership dents a country’s image and has a potential negative impact on its international trade relations.

The U.S. scores high but still fall short of excellence

The United States vigorously follows most of the AML guidelines recommended by FATF, especially those pertaining to cryptocurrencies. FATF follows a well-defined methodology to identify the level of compliance in a given jurisdiction. No member country wants to be on the FATF ‘Non-Cooperative Countries or Territories’ as it tarnishes the country’s financial reputation. Read More...

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