FATF Warns ‘DeFi’ Label Is Leaving Centralized Platforms Outside AML Rules

The Financial Action Task Force is urging governments to bring decentralized finance platforms under anti-money laundering rules when developers, token holders or other identifiable parties retain meaningful control. It warned that many purportedly decentralized platforms are not as decentralized as they claim. In a report published Tuesday (July 21), new report, the Paris-based global anti-money laundering (AML) standard-setter said its existing rules apply to DeFi arrangements whenever an iden