By PAUL O’DONOGHUE, Senior Correspondent
STABLECOINS are a major contributor to the global surge in the number of scams in recent years, according to the President of the FATF (Financial Action Task Force).
Speaking on ‘Collared’, a new podcast from AML Intelligence launching on Monday May 18, Elisa de Anda Madrazo pointed to the links between virtual currencies and illicit activity.
“The growth of fraud is out of [control],” she said. “In the US, the growth in one year was 25%. It’s not just incremental every year, it’s big jumps.
“We looked into how virtual assets, including stablecoins, are used in these scams and fraud.”
She pointed to a recent report from the FATF on the issue. This cited work from Chainalysis, a blockchain analysis firm, which indicated that stablecoins accounted for 84% of illicit virtual asset transaction volume in 2025.
“It’s not only the virtual assets that we traditionally think of, but also stablecoins that are increasing in volume.
“It’s a big challenge because it becomes a loophole to the extent that jurisdictions will not implement the standards of the FATF and in particular, the travel rules.”
‘Collared’ podcast examines FATF response to stablecoins
These standards from the FATF require financial institutions and VASPs (Virtual Asset Service Providers) to share beneficiary and originator information for transactions over USD/EUR 1,000.
However, she said that “only a limited number of jurisdictions have implemented this regulation”.
The full interview on the ‘Collared’ podcast, which will go live on Monday May 18, covers the ‘industrialisation’ of fraud using AI and new technology. It also examines updates to the FATF grey list methodology and Ms de Anda’s reflections as she finishes her two-year presidential term in June.
Series One of the 12-episode podcast will feature in-depth financial crime explainers, the latest topics of the day as well as interviews and analysis with prominent executives and leaders in the sector.
The first two episodes will be available on all major audio platforms from Monday.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
