The Egmont Group released its Public Summary report on the “Abuse of Virtual Assets for Terrorist Financing Purposes’’. Virtual Assets abused in terrorism financing is a current focal point of discussions. As per the Egmont group, understanding trends in emerging technologies will enable the identification of potential vulnerabilities associated with new technologies, particularly virtual assets.
This IEWG report provides a guide in understanding the new trends and the sharing of best practices in emerging technologies to prevent the abuse of virtual assets for terrorist financing purposes.
The project’s key objectives explored the abuse of VAs for TF by:
- Understanding the regulation of VAs in different countries;
- Identifying how VAs are defined in different countries;
- Determining VA usage and detection;
- Developing a framework, standard or best practices document for the use by FIUs; and
- Sharing of case studies.
The document can be accessed here.