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MONEYVAL publishes a report on the risks associated with ML/TF in virtual assets


MONEYVAL has published a comprehensive report on the risks associated with money laundering and terrorism financing in virtual assets and their service providers across MONEYVAL member states and territories.

The findings shed light on the implementation challenges faced by MONEYVAL members regarding Financial Action Task Force (FATF) Recommendation 15, with approximately 80% of assessed members demonstrating only partial or non-compliance with FATF requirements.

The report provides an extensive overview of the measures taken to regulate and supervise virtual asset service providers.

Furthermore, it examines various aspects of the risks posed by criminals who exploit virtual asset service providers and virtual assets to launder illicit proceeds.

These risks include exchangers, aggregators, and other cryptocurrency platforms encompassing e-gaming, sports betting, and non-fungible tokens.

In addition, the report evaluates the effectiveness of law enforcement agencies in terms of their authority, tools, and capabilities to investigate, trace, and impose interim measures concerning virtual assets.

Notably, it presents examples of specific types of virtual asset platforms exploited for financial support of criminal activities, along with cases that relevant authorities have investigated.

The report also highlights good practices and challenges when applying risk-based supervision to the virtual asset sector.

This information serves as a valuable resource for policymakers and regulators seeking to enhance the effectiveness of their oversight and mitigate associated risks.

MONEYVAL member states and territories will be invited to provide feedback on the report's findings, facilitating a collaborative and constructive approach to addressing the identified issues.

The feedback process will commence in 2024, allowing stakeholders to consider and utilize the report's insights to bolster their anti-money laundering and counter-terrorism financing efforts in the virtual asset domain.


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