The Financial Action Task Force (FATF) is reportedly proposing to annually review countries’ enforcement of AML and CTF rules on crypto providers. While a country failing to comply with the FATF’s AML guidelines for cryptocurrencies would not automatically be put on its grey list to become “Jurisdictions under Increased Monitoring”, it could affect the country’s overall rating and is one of the factors considered by the watchdog. There are currently 23 countries on the list, including crypto hotspots such as the United Arab Emirates (UAE) and the Philippines.