US DoS’s 2025 INCSR report flags global ML risks, noting progress in crypto regulation and ownership transparency, but warns that corruption and weak oversight continue to drive illicit finance

The 2025 INCSR report highlights global progress and setbacks in combating narcotics-linked money laundering, with several countries enacting legislative reforms and bolstering transparency, especially in beneficial ownership and virtual assets oversight. However, corruption, weak institutions, and offshore secrecy still enable illicit finance, requiring stronger enforcement and international cooperation to counter evolving laundering threats…