The criminal use of cryptocurrency is a major concern and North Korea is the biggest threat, the Financial Action Task Force said.
Details: According to FATF’s survey of complex proliferation and sanctions evasion schemes:
North Korea has generated billions of dollars through cyberattacks targeting virtual asset-related companies, such as the theft of $1.5 billion from ByBit in February 2025.
Many countries are concerned about the increasing use of virtual assets to make payments and transfers across borders.
Many illicit actors seek to increase anonymity in virtual asset transactions by using virtual asset mixing services and anonymity-enhancing cryptocurrencies, including in the process of laundering proceeds of large-scale virtual asset heists.
As of April 2024, three-quarters of FATF Global Network countries were noncompliant or partially compliant with international standards on virtual assets and virtual assets service providers.
ICBA Advocacy: ICBA this month said it strongly supports a Financial Crimes Enforcement Network proposed rule to designate the Huione Group as a primary money laundering concern, but it said more needs to be done to curtail the rapid growth of crypto scams. Last year, ICBA called on the FinCEN to expand its proposal to combat crime enabled by cryptocurrency mixers.
