Remittances, Prepaid And Crypto Funding Terrorist Groups, FATF Warns

Terrorist organisations are becoming increasingly dependent on fund transfers, including through remittance providers and via prepaid cards, according to the Financial Action Task Force (FATF).

The global watchdog also warned there is an “urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism” in a statement issued on Friday.

FATF, which sets standards on anti-money laundering and counter-terrorist financing (AML/CTF) across the globe, made the remarks following its plenary meeting last week — the first to be held under its new US presidency.

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