FATF calls crypto a core laundering channel for scam compounds

The Financial Action Task Force (FATF) said in a report published today that virtual assets are used to launder money for scam compounds in Southeast Asia. The report suggests that governments should fight scam and fraudulent activities by going after the criminal networks behind the compounds. How do scam compounds use crypto to move dirty money? FATF is a Paris-based group that writes the world’s rules against money laundering. Its new report looks at how scam money is made and laundered. The report explains that time is the biggest problem for victims. Stolen money can leave an account and reach an exit point in as little as two to five minutes. Victims, on average, do not notice the theft for about 20 hours.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.