Europe’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) watchdog, MONEYVAL, has listed monitoring the crypto sector along with “gatekeeper” professionals, such as lawyers and accountants, as priorities in European nations’ push to combat money laundering.
In a media release based on the findings of its annual report, MONEYVAL called upon European jurisdictions to assess compliance with international standards and implement stricter regulatory policies to combat money laundering facilitated by crypto assets.
Elżbieta Frankow-Jaśkiewicz, chief of MONEVYAL, cited the Pandora Papers as an example of how professionals serving as “gatekeepers” could aid the rich and corrupt to launder their money. She also claimed that the popularity of crypto assets for money laundering is on the rise:
“A newer money laundering trend is related to the emerging virtual assets sector, the increasing global use of cryptocurrencies, and other components of the rapidly evolving ecosystem of so-called “decentralized finance” (DeFi).”
Moneyval is an AML oversight body of the Council of Europe, spanning 47 European jurisdictions. The task force is responsible for reviewing and recommending policy changes that influence national legislative reforms.
The report concluded that the median level of compliance with the Financial Action Task Force (FATF) standards is below the satisfactory threshold among its supervised jurisdictions. Eighteen out of the 22 jurisdictions evaluated by MONEYVAL…