The Egmont Group is pleased to announce the release of the Abuse of Virtual Assets (VAs) for Terrorist Financing Purposes Public Summary.
A key focus of the report is on identifying vulnerabilities associated with new technologies, specifically VAs, and highlighting best practices used by EG FIUs to prevent the abuse of VAs for terrorist financing. The complexity of the virtual assets tracing, compiled with the movement of funds for TF purposes, makes it challenging for all competent authorities to work on such cases.
The project’s key objectives explored the abuse of VAs for TF by:
- Understanding the regulation of VAs in different countries,
- Identifying how VAs are defined in different countries,
- Determining VA usage and detection,
- Developing a framework, standard or best practices document for the use by FIUs and
- Sharing of case studies.
It is clear that VAs pose a potential threat for TF. Understanding trends and sharing best practices in emerging technologies will aid in the identification of potential vulnerabilities associated with new technologies.