The Financial Action Task Force (FATF) on Thursday called on countries to take firmer action to combat illicit financing via crypto assets.

The global financial crime agency has warned that regulatory gaps could have global repercussions. The FATF highlights that, despite the progress made since 2024 in the regulation of virtual assets, many countries still need to strengthen their mechanisms to counter risks. As of April 2025, only 40 of the 138 countries assessed were deemed “largely compliant” with FATF cryptocurrency standards, up from 32 a year earlier. The FATF said in a statement that “as virtual assets are by nature borderless, regulatory failures in one country can have global consequences.” According to blockchain analytics firm Chainalysis, illicit crypto wallet addresses would have received up to $51 billion in 2024