In October 2018, the FATF strengthened its Recommendation 15 (R.15) to address virtual assets and VASPs. Failure to regulate VASPs in one jurisdiction can lead to serious global implications due to its inherently international and borderless characteristics. In February 2023, the FATF Plenary agreed on a roadmap to strengthen implementation of the FATF Standards on virtual assets and virtual asset service providers (VASPs).
Following a 12-month process to collect and evaluate information, in March 2024, the FATF published a table which sets out the status of implementation by FATF members and jurisdictions with materially important virtual asset service providers (VASP) activity of the FATF’s Standards on virtual assets and VASPs. This table is based on the work of the FATF’s Virtual Assets Contact Group members, extensive input by the FATF Global Network of FATF Members and FATF-Style Regional Bodies and including consultations with private sector stakeholders and other representatives from the virtual asset and virtual asset service provider community. To note that the table does not provide any assessment on the level of a jurisdiction’s implementation of measures to combat ML/TF, does not replicate or replace a mutual evaluation or follow-up assessment of the country’s compliance with R15, and is not related to the FATF’s identification of high-risk and other monitored jurisdictions. Users must carry out their own research and do independent check, prior using information on the table. The document is accessible here.