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FATF Did Not Require Pakistan to Ban Crypto to Stay Off Its 'Grey List'

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.FATFNews told CoinDesk it does not 'indiscriminately' require countries to ban crypto after Pakistan's Finance Minister AishaGPasha reportedly said the watchdog had set a condition that virtual assets cannot be legalized in the country. By amitoj

In January 2022, the nation's central bank declared it planned to ban crypto, its first clear position on the new financial technology, CoinDeskThe FATF said it requires countries to understand money laundering and terrorist financing risks the crypto sector faces, and issue licenses or register exchanges to supervise the sector in the same way it supervises other financial institutions.

The FATF requires virtual asset service providers to implement the same preventive measures as financial institutions, including customer due diligence, record keeping and reporting of suspicious transactions, and adhere to its– which requires crypto service providers to collect and share information on transactions above a certain threshold.

The FATF declined to directly respond to statements made by Pasha, but said that"countries are permitted, but not required, to prohibit virtual assets and virtual asset service providers." CoinDesk has reached out to the offices of Pakistan's finance ministry and the Ministry of Foreign Affairs for comment.

 

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