Financial Action Task Force public consultations
The Financial Action Task Force (FATF) is inviting feedback on draft guidance about proliferation financing risk, and on digital currencies and digital currency exchange providers, known internationally as virtual assets and virtual asset service providers.
FATF is the global standard-setting body for anti-money laundering and counter terrorism-financing (AML/CTF). Guidance and recommendations issued by FATF are not legally binding in Australia, but these international standards strongly influence the development of AML/CTF legislation around the world.
You can find more details and links to each document and consultation below.
Public consultation on a risk-based approach to digital currencies and digital currency exchange providers
FATF is currently consulting on updates to draft guidance for a risk-based approach to digital currency and digital currency exchange providers, known internationally as virtual assets and virtual asset service providers.
The updated guidance focuses on six main areas which includes guidance on how the FATF Standards apply to so-called stablecoins, additional guidance on the risks and potential ways to mitigate the risks of peer-to-peer transactions and on the implementation of the ‘travel rule’.
The public consultation closes on 20 April 2021.
For more information about the consultation or to provide a written response, visit the FATF website.
Public consultation on mitigating proliferation financing risk
FATF has also been consulting on draft guidance to help the public and private sectors to identify, assess, understand and mitigate proliferation financing risk, as recommended in newly revised FATF standards.
The guidance seeks to assist the public and private sectors in conducting a risk assessment in the context of proliferation financing, and applying corresponding risk mitigation measures.
The public consultation will soon close on 9 April 2021.
For more information, visit the FATF website.