Cross-Border Money Laundering and the Financial Action Task Force (FATF): Examining the Effectiveness of the International Responses Recommended by the FATF, its application in the EU and UK and Global Money Laundering Activities using Virtual Assets.

The Financial Action Task Force (FATF) describes itself as the global money laundering and terrorist financing watchdog. This is true, to the extent that it sets international standards related to the monitoring, supervision and prohibition of money laundering activities in over 180 countries. However, even with the plethora of laws, regulations and regimes established by FATF member countries, money laundering remains a global issue, especially with the emergence of virtual assets and the global nature of the digital asset ecosystem. Essentially virtual assets have become a force to be reckoned with in 21st century financial and technological developments. The question therefore remains: how effective are the FATF responses to cross-border money laundering challenges in an era of the susceptibility of virtual assets for financial crimes? To this end, this paper therefore seeks to detail the various responses put forward by FAFT regarding the different strands of money laundering and the financial ecosystem.