This report is a third targeted update on global implementation of the FATF’s Standards on VAs and VASPs. In particular, this report is more targeted than the previous reviews as it focuses on implementation of FATF’s Travel Rule. This report focuses on FATF’s Travel Rule as it is an important requirement to enable VASPs to implement their targeted financial sanction and transaction monitoring requirements, and previous FATF analysis shows that implementation of this requirement has been particularly lagging. In addition, this report also provides a brief update on key themes that have emerged from FATF’s recent consultations with industry and ongoing monitoring, including on Decentralised Finance (DeFi), NonFungible Tokens (NFTs), unhosted wallets, sanctions evasion, and ransomware.