FATF Calls Virtual Assets a Channel for Laundering Scam Proceeds
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On November 6, 2026, Cryptopolitan reported that the Financial Action Task Force (FATF) stated in a report that scam compounds in Southeast Asia use virtual assets for money laundering, with the related funds able to leave an account and reach a cash-out point 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 a scam is discovered. FATF had previously also stated that most illicit activity tracked on the blockchain is currently conducted through stablecoins.
AI-written from reports · updated 1 hour ago
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- CryptopolitanSelectedFATF says virtual assets have become a core money laundering channel for scam compounds in Southeast Asia
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.
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