Over $3 trillion in illicit funds flowed through the global financial system in 2023, enabling crimes like drug and human trafficking and terrorist financing on a massive scale, according to a new report. The report estimated that billions supported drug and human trafficking, terrorist activities, and fraud. While cryptocurrencies were not directly implicated, they were noted as conduits for illicit funds, with stablecoins being utilized primarily to cash out into fiat currency through exchanges.
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