Countries Ignoring Crypto-AML Rules Risk Being Placed on FATF's 'Grey List' - Report

Reports suggest the Financial Action Task Force will carry out annual checks to ensure countries are enforcing anti-money laundering rules money for crypto providers.

Countries that fail to meet Anti-Money Laundering (AML) guidelines for cryptocurrencies could find themselves added to the Financial Action Task Force (FATF) “grey list”

According to a November 7 report by Al Jazeera, sources say the global financial watchdog plans to conduct annual audits to ensure countries are enforcing anti-money laundering rules and terrorist financing (CTF) to crypto providers.

The gray list refers to the list of countries that the FATF considers to be "jurisdictions under heightened scrutiny".

The FATF says countries on this list are committed to resolving “strategic deficiencies” within agreed timelines and are therefore subject to increased scrutiny.

This differs from the FATF's "blacklist," which refers to countries with "significant strategic deficiencies in money laundering," a list that includes Iran and North Korea.

Currently, 23 countries are on the gray list, including Syria, South Sudan, Haiti and Uganda.

Crypt hotspots like the United Arab Emirates (UAE) and the Philippines are also on the gray list, but according to the FATF, both countries have made a "high-level political commitment" to work with the global financial watchdog to strengthen their AML and CFT regime.

Pakistan was previously also on the list, but after taking 34 actions to address FATF issues, it is no longer under enhanced scrutiny.

One of the anonymous sources quoted by Al Jaz...