FATF to review implementation of new regulatory guidelines in June this year including virtual asset laundering

The Korean Financial Services Commission (FSC) has just released the results of a discussion on the February 2020 FATC (International Anti-Money Laundering Agency Financial Action Task Force) conference. The second meeting of the 31st FATF was held in Paris from February 16 to 21, 2020. A joint delegation of the South Korean government composed of 9 departments including the Financial Information Analysis Institute (FIU) of the Korean Financial Commission attended the meeting. The main contents discussed at the meeting included improving anti-money laundering schemes related to crypto asset transactions and FATF's measures and evaluations on countries that have not fulfilled international standards. 1. The FATF will review the implementation of the new FATF regulatory guidelines in various countries in June 2020 and report the results. The main inspection areas include: whether virtual asset operators have made progress in anti-money laundering and prohibition of terrorist financing, and whether there are potential changes in the risks, market structure, and types of ML / TF (money laundering / terrorist financing) in the virtual asset field. 2. In order to ensure the complete implementation of the travel rule on the remittance and payee information regarding virtual asset remittances, it is decided to promote continued cooperation with the private expert group. 3. The results of ML / TF risk analysis related to stablecoins and the application plan of the FATF international standard will be reported to the G20 in July 2020. Earlier news, in June last year, the FATF revised international standards and said that the crime of criminal misuse of virtual assets and the threat of terrorism are serious and urgent. "It will give countries 12 months to comply with these new regulations. Review in May.