Much of decentralized finance is not as decentralized as it looks, and the platforms behind it should be regulated like other financial businesses, the world's main anti-money-laundering body said in a new report. In a report published Tuesday, the Financial Action Task Force said its rules already apply to any DeFi arrangement where an identifiable person keeps "control or sufficient influence," regardless of how decentralized a project claims to be. The Paris-based body, whose standards are used across more than 200 jurisdictions, sorts DeFi into three groups: platforms with identifiable controllers; those that are centralized in practice but whose operators stay hidden; and a genuinely leaderless minority it calls truly decentralized. Only the last escapes its standards.