The burgeoning world of Non-Fungible Tokens (NFTs) has revolutionized the digital landscape, offering unique digital ownership and innovative financial opportunities. However, with these advancements come significant risks. The U.S. Department of the Treasury's report, "Illicit Finance Risk Assessment of Non-Fungible Tokens" (May 2024), delves into the vulnerabilities and illicit finance threats associated with NFTs, aligning with the Executive Order 14067 "Ensuring Responsible Development of Digital Assets". This review encapsulates the essence of this comprehensive risk assessment, providing insights into the potential for misuse and the necessary regulatory considerations.