The EU Global Facility on AML/CFT (EU GF) and the Jordanian National Anti-Money Laundering and Counter Terrorist Financing Committee (NAMLCTFC), with the participation of the Middle East and North Africa Financial Action Task Force (MENAFATF), will organise a three-day regional conference on the measures to tackle the causes and existence of AMLCFT risks, and sharing of best practices to promote cooperation and comply with the global standards and cooperation in the field of Virtual Assets (VAs).
This is to guide respective countries, their competent authorities, and private sector, on shaping the strategic direction of dealing with VAs, Virtual Asset Service Providers (VASPs), and understanding requirements of this direction, i.e. banning or regulating VAs.
The event will take place in a hybrid format (onsite and online) in Amman, Jordan, from 13th to 15th, December 2022.
VAs represent an attractive economic opportunity for jurisdictions, but bring along a number of challenges and risks that must be understood and managed for their safe integration within a country’s economy. Amongst other things, are financial crime risks (for example the abuse of VAs to evade sanctions, launder money or finance terrorism), as well as the potential impact on the wider ecosystem. For instance, banks might need to put in place increased/tailored monitoring to bank these operators, and regulators might need to adapt their regulatory and supervisory approaches to target the specific risks brought about by VA operators, whilst guaranteeing a rapid regulatory process and a smooth supervision experience (to maintain a competitive edge against other jurisdictions).