The Financial Action Task Force (FATF), the international body known in Spanish as GAFI that sets global standards to fight money laundering and terrorist financing, has issued a fresh warning: informal, unregulated networks used to move money across borders are being hijacked by criminal organizations at a growing rate, and the problem is no longer confined to any single region.
According to the watchdog, these underground financial channels—often used legitimately by migrants and communities to send remittances outside traditional banking systems—have evolved far beyond simple, small-scale operations. FATF officials describe them as increasingly sophisticated, functioning with the organization, planning, and reach of established businesses rather than informal, ad hoc arrangements.
That evolution makes the networks especially attractive to criminal groups looking to launder illicit proceeds or move funds anonymously, since they typically escape the oversight and reporting requirements that apply to banks and licensed money-transfer companies.
The warning underscores a broader challenge facing regulators worldwide: as authorities tighten controls on formal financial institutions, illicit actors are shifting toward parallel systems that are harder to monitor and shut down.
For the full details behind this warning from the international anti-money-laundering body, read the original report at jornada.com.mx.
Source: Uso delictivo de redes bancarias informales es un problema mundial y va en aumento: GAFI (jornada.com.mx). English version produced with AI assistance.
Image: Monito – Money Transfer Comparison, BY 2.0 (via Openverse).