CandleFocus Crypto drives growth of multi-tiered money laundering, Eurasian AML regulator warns
2024-11-29
Author: Content Editor
The Eurasian Group on Combating Money Laundering has warned that complex money laundering schemes are on the rise in 2024, fueled by the use of cryptocurrencies. These schemes involve professional money launderers using cryptocurrencies, fake identities, and even cash. The report highlights the involvement of crypto exchanges and wallets opened under false identities in terrorism financing. This issue is not limited to Eurasia, as Switzerland's Financial Market Supervisory Authority has also raised concerns about the role of cryptocurrencies in illicit financing, specifically citing the increasing use of stablecoins for cyberattacks, dark web transactions, and sanctions evasion. Financial regulators are implementing measures to address these risks, such as onsite reviews and enhanced focus on risk management for entities with politically exposed clients or links to high-risk regions.
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