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Global Financial Crimes Watchdog Urges G-7 to Implement Crypto Regulations to Combat Illicit Financial Flows

The president of the global financial crimes watchdog has urged the Group of Seven (G-7) advanced economies to implement recommendations by the Financial Action Task Force (FATF) to combat illicit financial flows through crypto.

In a strongly-worded message titled "An end to the lawless crypto space", the president called for urgent action to shut down lawless spaces that allow criminals, terrorists and rogue states to use crypto assets.

The FATF has urged countries to implement its controversial "travel rule" that requires crypto service providers to collect and share information on transactions above a certain threshold, designed to curb money laundering and the financing of terrorism through digital assets. G-7 countries taking the lead in "fully and effectively implementing FATF’s global standards is crucial to our collective success," the president said.

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