World News | FATF Calls on Countries, Businesses to Limit Risks of Cryptocurrencies

Paris [France], November 16 (ANI): Financial Action Task Force (FATF) Executive Secretary David Lewis on Monday emphasised that the private sector is the first line of defence against money laundering and terrorist financing.

In opening remarks at the Virtual Asset Service Providers (VASPs) Summit, called V20, Lewis called on countries and businesses to take action to limit the risks of cryptocurrencies.

Also Read | Moderna COVID-19 Vaccine 94.5% Effective in Phase 3 Trials, Likely to Receive Emergency Use Approval From US FDA.

"VASPs can move quickly between jurisdictions. The FATF will not tolerate jurisdictions leaving loopholes in VASP regulations that criminals can exploit. We assess countries against global standards and will not shy away from identifying those who expose financial systems to risks," FATF said Executive Secretary David Lewis.

V20 drives collaboration between government regulators and industry, to deliver a coordinated response to the updated standards proposed by the global financial watchdog FATF.

Also Read | Pakistan: Passenger Van Plunged into a Ravine in Khyber Pakhtunkhwa, 8 Killed, 11 Injured.

Last year's inaugural V20 Summit was held in Osaka, Japan. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)