FATF urges faster crypto AML enforcement as stablecoin crime increases
The global task force said criminal networks are using stablecoins and developing proprietary tokens to evade asset freezes as countries struggle to enforce crypto AML rules.
The Financial Action Task Force (FATF) warned that criminals are increasingly exploiting stablecoins for illicit finance, with most identified onchain criminal activity now involving the dollar-pegged cryptocurrencies.
In its latest report published Thursday, the global anti-money laundering watchdog said criminal networks have also begun developing proprietary stablecoins designed to resist freezing and asset seizures.
The FATF urged jurisdictions to accelerate implementation of crypto AML standards as illicit actors exploit regulatory gaps.