Criminals, scammers and illicit actors are increasingly turning to virtual assets, the U.S. Treasury Department said in one of three national risk assessment reports published on Wednesday. 

The department released its 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing, which highlighted illicit finance threats, vulnerabilities and risks in the U.S.

The department detailed how bad actors launder funds to conduct fraud, drug trafficking, human smuggling and corruption through the continued use of cash and increasingly crypto. Treasury said it plans to release a strategic plan that will share recommendations for addressing the issues in Wednesday's reports in the coming weeks. 

"While the laundering of drug trafficking proceeds …