FATF’s new paper on Cyber-Enabled Fraud warns rising cyber fraud is driving illicit fund flows worldwide, urging stronger AML/CFT tools, tighter crypto and BO controls, and coordinated action

The paper examines how fraudsters exploit phishing, AI-enabled deepfakes, messaging apps, and virtual assets to move illicit funds across borders and emphasizes leveraging AML/CFT tools to prevent and recover stolen funds. Key measures include payment transparency, asset recovery, regulation of virtual assets, beneficial ownership transparency, advanced analytics, and cross-border cooperation. FATF stresses international collaboration, rapid information sharing, and adaptive responses to emerging threats like scam centres, proliferation…