FATF Urges Governments and Private Sector to Enhance Virtual Asset Regulation
The Financial Action Task Force (FATF) has released its seventh targeted update on the implementation of virtual asset standards, emphasizing the need for governments and the private sector to collaborate in developing operational infrastructure, legal frameworks, and protocols to rapidly trace, freeze, and seize illicit virtual assets. The update highlights the urgency of closing regulatory gaps and strengthening preventive measures. FATF President Giles Thomson stated that effective implementation of FATF standards can no longer be delayed, urging jurisdictions to work together to strengthen preventive measures and close regulatory gaps. The report also notes that while legislation is improving, enforcement remains a challenge, with many jurisdictions failing to take supervisory or enforcement action. 
