Virtual assets: Typologies report on money laundering and terrorist financing risks

MONEYVAL[1] published a report on money laundering and financing of terrorism risks in the world of virtual assets and their service providers in MONEYVAL members states and territories.
The report finds that MONEYVAL members continue to struggle with implementation of the FATF Recommendation 15, around 80% of the assessed members are only partially or not compliant with the FATF requirements. It also includes an overview of the measures taken to regulate and supervise the virtual asset service providers, as well as some features of the identified risks that criminals use virtual assets service providers and virtual assets to launder proceeds of crime (i.e., exchangers, aggregators, and other cryptocurrency platforms including e-gaming, sports betting and non-fungible tokens).
The report also considers whether law enforcement agencies have adequate powers and tools to investigate, locate and impose interim measures in respect of virtual assets, and includes examples of types of virtual assets platforms used for financial support of criminal activity and of cases investigated by the relevant authorities.  It also highlights good practices and challenges in applying risk-based supervision of the sector.
MONEYVAL member states and territories will be invited to provide feedback on the use of its findings in 2024.

The Report is available here

[1] MONEYVAL is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.

(source: Council of Europe / photo:


More Posts

Cyprus: Personal income tax guide

Whether you are an individual taxpayer or a small business owner, navigating the tax landscape can be overwhelming. Our law firm has prepared a high-level

Get in Touch

Seeking legal, business or immigration solutions in Cyprus? Contact us for a consultation.

Contact Info