By ELIZABETH HOWCROFT for AML Intelligence

ORGANISED CRIME is taking advantage of gaps in regulation to move billions in illicit proceeds through the crypto industry, FATF warned today (Thursday), in its latest review into the role of virtual assets and illicit finance.

Moreover, 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.

The report by Paris-based FATF found that:

• Crypto-enabled crime has become more “complex and interconnected” in space of just one year.
• Regulators, banks and crypto companies face “significant and ongoing challenges” in detecting and…