The report addresses the risk of money laundering and terrorist financing associated with Virtual Assets (VAs), providing red flags for obligated entities to identify and report potential suspicious activities. These indicators are based on case studies and FATF data, aiding law enforcement agencies and financial regulators in enhancing the detection of illicit activities. It is crucial to consider these signals in the appropriate context and alongside other suspicious activities, prompting increased monitoring by reporting entities to prevent the misuse of VAs in criminal activities.