FATF calls on countries, businesses to limit risks of cryptocurrencies

Financial Action Task Force (FATF) Executive Secretary David Lewis on Monday emphasised that the private sector is the first line of defence against money laundering and terrorist financing.

Financial Action Task Force (FATF) Executive Secretary David Lewis on Monday emphasised that the private sector is the first line of defence against money laundering and terrorist financing. In opening remarks at the Virtual Asset Service Providers (VASPs) Summit, called V20, Lewis called on countries and businesses to take action to limit the risks of cryptocurrencies.

"VASPs can move quickly between jurisdictions. The FATF will not tolerate jurisdictions leaving loopholes in VASP regulations that criminals can exploit. We assess countries against global standards and will not shy away from identifying those who expose financial systems to risks," FATF said Executive Secretary David Lewis. V20 drives collaboration between government regulators and industry, to deliver a coordinated response to the updated standards proposed by the global financial watchdog FATF.

Last year's inaugural V20 Summit was held in Osaka, Japan. (ANI)

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