According to the publication from the Financial Action Task Force(FATF),  FATF has agreed on an action plan to drive the "timely implementation" of its global standards for crypto.

The FATF stated in the document that several countries have not complied with the strengthened Recommendation 15, which addresses virtual assets and service providers. The enhanced requirements, which include the "travel rule" that mandates the collection, retention, and transmission of information pertaining to virtual asset transactions' originator and beneficiary, have not been implemented by many nations since October 2018.

"The plenary thus agreed on a road map to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network," FATF added.

According to the report, effective regulation of cryptography is crucial in impeding the financial gains from ransomware attacks. It further states that the perpetrators of such attacks are able to evade detection while making use of virtual assets to accumulate significant amounts of money.