FATF Warns Criminals Are Increasingly Using Stablecoins to Move Illicit Funds
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The FATF warns that dollar-backed stablecoins are now the primary on-chain vehicle for moving illicit funds, with some criminal networks even issuing their own stablecoins to evade detection. It urges issuers and governments to strengthen AML controls including freezing suspicious wallets and flags uneven global crypto regulation and offshore firms as exploitable gaps that raise risks for DeFi, CEXs, tokens and broader adoption.
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- FATF says stablecoins are now the main cryptocurrency used to move illicit funds across blockchain networks.
- The watchdog wants stablecoin issuers to strengthen controls, including freezing suspicious wallets when required.
- FATF warned that uneven global crypto rules and offshore firms continue to create gaps criminals can exploit.
Criminals are increasingly using stablecoins to move illicit funds, prompting the Financial Action Task Force (FATF) to urge governments to tighten oversight of the digital asset sector. In its latest review, the global anti-money laundering watchdog said most identified onchain criminal activity now involves dollar-backed stablecoins and warned that gaps in regulation continue to create opportunities for illicit finance.
The FATF said some criminal networks have gone a step further by creating their own stablecoins designed to make it h…
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