FATF: Stablecoin use in sanctions evasion, money laundering is rising

The Financial Action Task Force (FATF) warned in a recent report that stablecoins are increasingly being used for sanctions evasion and money laundering, CoinDesk reported. The report states that stablecoins are now the most-used virtual asset for illicit transactions by several countries, including Iran and North Korea, and account for the majority of illegal on-chain activity. The estimated scale of fraud and illicit activity involving stablecoins in 2024 is approximately $51 billion. The FATF stressed that as stablecoin adoption accelerates, regulators must move quickly to close compliance gaps.