Terrorist organisations are becoming increasingly dependent on fund transfers, including through remittance providers and via prepaid cards, according to the Financial Action Task Force (FATF).
The global watchdog also warned there is an “urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism” in a statement issued on Friday.
FATF, which sets standards on anti-money laundering and counter-terrorist financing (AML/CTF) across the globe, made the remarks following its plenary meeting last week — the first to be held under its new US presidency.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.