The FATF highlighted concerns regarding stablecoin use linked to criminal networks, including those from North Korea. The report also pointed out that while progress has been made in implementing anti-money laundering standards, significant gaps still exist in the regulatory landscape.
The FATF stated that 99 jurisdictions are aligning with the ‘Travel Rule’, crucial for surveillance in cross-border crypto transactions. The watchdog emphasized the importance of coordinated regulations to manage the risks presented by stablecoins and prevent illicit financial activities.
As nearly 98% of the crypto market operates within the FATF’s Global Network, the organization stresses the urgency of bringing all participants into compliance. Without enhanced cooperation and robust regulatory frameworks, global financial security remains at significant risk.
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