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At the Global Fraud Summit in Vienna this week, international authorities delivered a stark warning: fraud has evolved into a vast, technologically sophisticated global economy responsible for an estimated $1.03 trillion in annual losses.   Leaders from the Financial Action Task Force (FATF) and Interpol joined policymakers, regulators, and financial experts to confront what is no longer viewed as isolated criminal activity, but as an interconnected and highly organized syste

The global financial system is confronting a new layer of risk as the Financial Action Task Force highlights the dangers posed by offshore virtual asset service providers that operate without a physical presence in the jurisdictions where they actively serve customers. According to international regulators, these platforms frequently function outside domestic oversight frameworks, creating vulnerabilities that can be exploited for money laundering and terrorist financing acti

The Financial Action Task Force (FATF) has renewed its warning that stablecoins are increasingly being used as a primary tool for illicit finance, stating that “stablecoins are the most popular virtual asset used in illicit transactions,” including by actors in Iran and North Korea. In a 42-page report released Tuesday, the global anti-money laundering watchdog called for tighter oversight of stablecoin issuers as the sector continues to expand rapidly. The warning builds on

The Financial Action Task Force has issued a major new paper drawing attention to the dramatic rise in fraud driven by rapid digital transformation, cautioning that cyber-enabled scams now represent a substantial share of criminal activity across multiple jurisdictions and pose serious risks to global financial stability. The international watchdog underscores that criminal groups are increasingly exploiting instant payment infrastructures and emerging technologies to transfe

Kenya is intensifying reforms aimed at strengthening its systems for detecting and preventing illicit financial flows as it works toward being removed from the global financial crimes watchdog’s grey list by May 2026. The country was placed under increased monitoring by the Paris-based Financial Action Task Force (FATF) in February 2024 after shortcomings were identified in its efforts to combat money laundering and terrorist financing. Being on the grey list signals strategi

The first plenary session of the year held by the Financial Action Task Force (FATF) concluded on 13 February 2026, after which the organisation announced major updates to the FATF Grey List. The revisions included the addition of Kuwait and Papua New Guinea to the list, formally known as “Jurisdictions Subject to Increased Monitoring”. Under its supervisory role, FATF regularly releases updates to the list of countries identified as having strategic shortcomings in their Ant

The February 2026 plenary meetings of the Financial Action Task Force marked a pivotal moment in the continued strengthening of international safeguards against illicit financial flows.   These high-level discussions produced important revisions to the lists identifying jurisdictions that threaten the integrity of the global financial system due to structural weaknesses or legal shortcomings. Regulators and compliance professionals across the financial sector are now expected

The governor of the Philippines’ central bank has warned that the country faces a real possibility of being placed back on the Financial Action Task Force’s grey list as it approaches its next international evaluation. Speaking on Monday in comments reported by the Philippine News Agency, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. stressed the importance of sustained compliance, telling reporters, “we have to do what we need to do to show FATF that we’re doing ever

Cambodia’s National Bank is intensifying measures to combat cross-border crime and money laundering as the country works to avoid being placed on the Financial Action Task Force (FATF) grey list for a third time, amid ongoing enforcement against the nation’s notorious scam hubs. According to local Chinese-language media outlet The Cambodia China Times, National Bank of Cambodia Governor Chea Serey revealed at the bank’s annual work summary meeting that the institution is bols

The Middle East and North Africa Financial Action Task Force (MENAFATF) confirmed on January 5, 2026, that the United Arab Emirates has formally assumed the presidency of the organization for the 2026 term. Represented by Hamid Saif AlZaabi, the UAE steps into the leadership role at a decisive moment, as the region prepares for the third cycle of mutual evaluations and the full application of the Financial Action Task Force’s fifth round methodology. This transition signals a

The Financial Action Task Force (FATF) published its 2025 mutual evaluation of Belgium on December 16, identifying substantial deficiencies in the country’s ability to combat illicit financial activity. Although Belgium is largely compliant with international technical standards, the assessment underscores a serious lack of personnel and technological capacity within investigative and enforcement bodies. According to the report, Belgian authorities must urgently address deep-