Financial Action Task Force or FATF reported that many countries including VASPs (virtual asset service providers) aren’t in compliance with the FATF standards on Combating the Financing of Terrorism, CFT, and Anti-Money Laundering.

A Tuesday report on “State of Effectiveness & Compliance with FATF Standards” was released by the organisation. 52% of the assessed jurisdictions in 120 countries had “adequate laws and regulatory structures in place” to address illicit transactions. In addition, the FATF reported that only 9% of countries were “substantially effective” in areas having banks, lenders, money transfer services and VASPs verify users’ information.