Organised crime groups move billions through crypto, global financial crime watchdog warns

PARIS, July 16 : Criminals are taking advantage of gaps in regulation to move billions in illicit proceeds through the crypto industry, the Financial Action Task Force said on Thursday, in its latest review into the role of virtual assets and illicit finance.The report by Paris-based FATF, an intergovernmental anti-money laundering group, said:• Crypto-enabled crime has become more "complex and interconnected" in the past year.• Countries' regulators, financial institutions and crypto companies face "significant and ongoing challenges" in detecting and stopping money-laundering flows coming from scam compounds and investment fraud networks. • There has been some improvement in the number of countries following FATF's recommendations. As of April 2026, 51 of 149 jurisdictions assessed were