FATF flags stablecoins as key channel in $4 billion Southeast Asia scam laundering

The Financial Action Task Force (FATF), an international body setting global standards to combat money laundering, published a report identifying virtual assets, especially stablecoins, as a significant conduit for laundering proceeds from scam compounds operating in Southeast Asia. FATF, based in Paris, outlined how criminal networks leverage digital assets to rapidly move illicit funds across borders. The report describes how victims’ money can be extracted from accounts and transferred to a destination in as little as two to five minutes, exploiting the speed of modern payment systems.

Source: CoinTurk News