The crypto industry has exploded in recent years, and authorities in different countries have been reacting in very different ways. Some have banned cryptocurrencies, while others are embracing them to varying degrees. Some are working hard to align their anti-money laundering regulations with FATF standards, while others are turning a blind eye. A few countries have confiscated huge quantities of crypto assets linked to crime and money laundering.
The Wolfsberg Group – an association of 13 global banks that develops frameworks and guidance to manage financial crime risks – became an independent legal entity in October 2021. Its new home is at the Basel Institute on Governance headquarters in Switzerland.
Combating virtual assets-based money laundering and crypto-enabled crime: Recommendations of the Tripartite Working Group on Criminal Finances and Cryptocurrencies
These seven Recommendations emerge from the 5th Global Conference on Criminal Finances and Cryptocurrencies, held virtually on 7-8 December 2021.
The annual conference is organised by the Working Group on Criminal Finances and Cryptocurrencies, a tripartite initiative of the Basel Institute on Governance, INTERPOL and Europol that dates back to 2014 and was formally established in 2016.