According to a recent report, crimes involving virtual assets (VAs) nearly doubled in 2021, with supposed illicit gains reaching a high of $14 billion.
At the same time, the use of VAs for legitimate purposes also grew significantly. According to the report, VA transaction volume ballooned to $15.8 trillion in 2021, an increase of 567% from 2020.
While supposed illicit VA activity comprised only 0.15% of total VA transactions, a decrease from 0.62% in 2020, the increase in overall use of VAs and net increase in its use for illicit activity demonstrates the need more than ever for effective anti-money laundering/counterterrorist financing (AML/CTF) regulation.
See our full alert providing a brief overview of some of the latest guidance on AML/CTF and sanctions regulation from the Financial Action Task Force (FATF), the United States, the European Union and the United Kingdom.
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