Ah yes, the FATF, that quasi-public body where liberal democracies think they are doing the right thing and authoritarian regimes love it for the total financial surveillance that is being put in place. The FATF has managed to put themselves into a place where governments think they are accountable to them for fear of being put on a gray list.
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Yes, that's the one. It's responsible for the EU travel rule, and every other country as well. Countries and regulators are in the implementation phase. Takes a few years for policy to become law, and law to become enforced.
I suggest everyone developing value transfer tech do so anonymously. If there are balls to grab, governments will grab them.