FATF lowered Russia's rating due to lack of regulation of cryptocurrencies
The International Anti-Money Laundering Group (FATF) has lowered one of Russia's ratings due to a lack of regulation of cryptocurrencies and control over illegal transactions with digital assets.
The FATF conducted an audit on the compliance of anti-money laundering procedures through cryptocurrencies from July to December 2023. According to the deputy head of Rosfinmonitoring, Herman Neglyad, there are 40 main recommendations on combating money laundering in the rating, and one of them is a recommendation on combating money laundering through cryptocurrencies. The organization's experts considered that the level of regulation is insufficient and lowered Russia's rating on this recommendation from the level of "meets" to "partially meets".
"It has now been assessed to what extent Russia complies with the already amended recommendations. Russia's rating has been downgraded to “partial compliance”, which indicates the remaining shortcomings in this area. First of all, this is the need to regulate the turnover of cryptocurrencies, that is, the activities of cryptocurrency exchanges and exchangers by analogy with financial organizations," Neglyad stressed.
The report notes that draft laws to regulate the cryptocurrency space in Russia are still under development.
Source: https://bits.media/fatf-snizila-reyting-rossii-iz-za-nedostatka-regulirovaniya-kriptovalyut/
