A lack of regulation"creates significant loopholes for both criminals and terrorists to exploit" and is"a call to action that we need countries to take this problem seriously," Financial Action Task Force President
The report is titled"Status of Implementation of Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity." Thehad suggested that jurisdictions should move to get a better handle on money-laundering and terrorist-financing risks posed by crypto, and they should license or register virtual asset service providers and conduct reviews of their business practices, products and technology.
In one example, the report referred to"the Democratic People’s Republic of Korea’s theft and laundering of hundreds of millions of dollars’ worth of virtual assets," which have been said to be used for"weapons of mass destruction."
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