FATF says virtual assets have become a core money laundering channel for scam compounds in Southeast Asia
FATF calls crypto a core laundering channel for scam compounds
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FATF said in a report that scam compounds in Southeast Asia use virtual assets for money laundering, with funds able to leave accounts and reach cash-out points in as little as 2 to 5 minutes. The report breaks the money laundering process into seven stages and recommends that countries promote information sharing among banks, telecommunications companies and technology firms, and take action within 24 to 72 hours after fraud is detected. FATF previously also said that most illicit activity tracked on the blockchain is now conducted through stablecoins.
The report breaks money laundering at scam compounds into seven stages and emphasizes coordination among banks, telecommunications companies and technology firms, as well as action within the first 24 to 72 hours, providing a concrete framework for disrupting fund flows across institutions.
Source:Cryptopolitan · cryptopolitan.com