Organised crime groups move billions through crypto, global financial crime watchdog warns
FILE PHOTO: Representations of bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture created on September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
PARIS, July 16 : Criminals are taking advantage of gaps in regulation to move billions in illicit proceeds through the crypto industry, the Financial Action Task Force said on Thursday, in its latest review into the role of virtual assets and illicit finance.
The report by Paris-based FATF, an intergovernmental anti-money laundering group, said:
• Crypto-enabled crime has become more “complex and interconnected” in the past year.
• Countries’ regulators, financial institutions and crypto companies face “significant and ongoing challenges” in detecting and stopping money-laundering flows coming from scam compounds and investment fraud networks.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
• There has been some improvement in the number of countries following FATF’s recommendations. As of April 2026, 51 of 149 jurisdictions assessed were “largely compliant” with FATF’s standards for crypto – just over a third (34 per cent), up from 29 per cent the previous year.
• Still, “significant gaps” remain in translating risk assessments into actual steps to reduce crypto crime.
• The use of stablecoins by illicit actors has increased in the past year, with some criminal networks developing their own stablecoins which can resist being frozen or seized by authorities.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
