FATF to conduct targeted review on implementation of virtual assets and VASPs standards

The Financial Action Task Force (FATF) has announced the launch of a targeted review to accelerate global implementation of FATF Standards on virtual assets and virtual asset service providers (VASPs). The launch was agreed at the FATF's October 2026 Plenary and will primarily focus on jurisdictions with materially important VASP activity, based on their current assessment status. The FATF will follow up with relevant jurisdictions through ongoing engagement, training and capacity-building initiatives. Initial results from the review are expected in June 2027, with further results to follow in October 2027.

The Plenary also:

• approved a landmark report on fraud and scam compounds, one of the most rapidly expanding forms of organised crime globally, with a wider study and recommendations on using the FATF toolkit against fraud to follow
• removed Bulgaria, Côte d'Ivoire, the Democratic Republic of the Congo and Monaco from its "grey list" of jurisdictions under increased monitoring after successful on-site visits, and updated statements on jurisdictions under increased monitoring and those subject to a call for action
• adopted mutual evaluation reports on Mexico and the U.S. under the new round of mutual evaluations, assessing how effective each country's measures against money laundering, terrorist financing and proliferation financing are, and how far they comply with the FATF recommendations, with publication expected in December
• agreed to introduce tailored assessments for low-capacity countries, so that high-impact reforms can be prioritised on a more risk-based basis.

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