The Paris-based watchdog group, the Financial Action Task Force, is warning that organized crime is moving billions of dollars in illicit funds around the world using ‌cryptocurrencies.

A new report by the task force, which is an ⁠intergovernmental anti-money laundering group, states that crypto-enabled crime has become more “complex and interconnected.” 

In particular, criminal groups are using crypto to launder money and are also using crypto to perpetrate scams and investment fraud on innocent people.

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