The Metaverse offers a new type of virtual economy with practically endless business opportunities. The question is how to prevent these opportunities from being abused to commit money laundering and finance terrorism (MLFT). This Seminar explores the current European Union legislation designed to prevent MLFT in connection with the Metaverse. Furthermore, some additional risks specifc to the Metaverse are discussed, such as Non-Fungible Tokens (NFTs) and the high level of anonymity. It concludes that the current legislation is not suitable for facing the new challenges of the Metaverse. In turn, the goal is to put forward a novel approach to regulating and enforcing MLFT legislation: using a system of smart assets equipped with AI to prevent and detect MLFT.