FATF Warns Informal Money-Transfer Networks Are Growing Worldwide

Some people send money through informal networks instead of regular banks.

One example is hawala, which uses agents to move payments.

The Financial Action Task Force says criminals are using these networks around the world.

They once mostly handled money from drug trafficking and smuggling.

Now they can also move money from fraud, cybercrime, terrorism financing and illegal gambling.

New technology, including encrypted messages and crypto, can make these networks harder to see.

Some professional workers are also accused of helping these schemes.

The watchdog wants governments and companies to do more to stop professional money laundering.