FATF targets crypto hubs in review of money laundering controls

The watchdog has not named the jurisdictions under review. Initial findings on compliance with its crypto standards are due in June 2027.The Financial Action Task Force (FATF) is launching a targeted review of jurisdictions with significant crypto activity to address gaps in how governments apply global anti-money laundering standards.On Friday, the FATF, an intergovernmental body that sets global standards to combat money laundering, announced that the review would focus primarily on jurisdictions with “materially important” virtual asset service provider (VASP) activity, taking their existing assessment status into account.The watchdog said its regular assessments and follow-up procedures would remain the main tools for evaluating compliance.Initial findings will be published in June 2027, with further results in October 2027. The review will also be followed by monitoring and faster reporting to track progress in addressing deficiencies.The FATF did not name the jurisdictions it would review or say how many would be included. Cointelegraph contacted the watchdog for further details but had not received a response by publication.The move follows a July FATF report showing that 83...