Contrary To Popular Belief, Fiat Money Is Used More For Money Laundering Than Crypto: SWIFT Report

Contrary To Popular Belief, Fiat Money Is Used More For Money Laundering Than Crypto: SWIFT Report
фото показано с : zycrypto.com

2020-9-9 18:11

Recent research conducted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) revealed that cryptocurrencies are not used a lot in money laundering schemes as some critics claim. In comparison, fiat money and other traditional channels are used to facilitate more nefarious activities than cryptocurrencies like bitcoin ever could.

Claims That Crypto Is Used A Lot In Money laundering Are Grossly Overblown

Money laundering is a criminal activity that has become so prevalent across the globe. According to a United Nations report, up to $2 trillion is laundered yearly via fiat currencies. Notably, crypto only plays a small role in money laundering rings.

In its recent report, SWIFT noted:

“Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods.”

The company cites traditional methods like front businesses, cash businesses, money-mules, and drug trade as magnets for money laundering. Cryptocurrencies, on the other hand, only form a tiny part of the illegal money circulating around the world.

Though crypto is not used much, cybercrime groups like the well-known Lazarus Group from North Korea and other mysterious hackers in Europe still deem crypto as their go-to vehicle for criminal activities and money laundering.

Cryptocurrencies Not Completely Exonerated

While crypto’s illicit use is currently minimal, SWIFT pointed out that it could surge in the coming future.

Firstly, the firm observes that alternative cryptocurrencies that offer more anonymity, like privacy-oriented Monero, have been launched. Secondly, the emergence of crypto mixers and tumblers poses a potential threat. A mixer is a bag with the bitcoins belonging to different owners. The bitcoins sent from the mixer cannot be traced to the original owner.

SWIFT also identifies the emergence of online marketplaces for converting crypto into tangible assets as another method that is becoming common among money launderers. These marketplaces only require an email address to facilitate the purchase of property like penthouses and watches with illegally-acquired crypto.

At the moment, however, cash is still king among money launderers.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Money ($$$) на Currencies.ru

$ 0.0004099 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -2.27 %
Cегодня L: $0.0004099 - H: $0.0004099
Капитализация $18.807k Rank 99999
Доступно / Всего 45.887m $$$

money used swift laundering cryptocurrencies revealed telecommunication

money used → Результатов: 126


Фото:

China’s State Banks Test Digital Wallet App for CBDC Payments

China’s state-run commercial banks are conducting large-scale internal testing of a digital wallet application in preparation for rolling out a central bank digital currency (CBDC). Employees at state-run banks in cities including Shenzhen have started internally testing an app that will be used for transferring money and making payments, a Reuters report stated.

2020-8-7 14:25


Cellebrite Launches Crypto Tracer Solution Powered by CipherTrace for Tracking Illicit Activities Involving Cryptocurrency and Blockchain

Cellebrite, a digital intelligence firm has released a cryptocurrency transaction tracing tool called “Cellebrite Crypto Tracer,” which would help law enforcement agencies, businesses, and analysts to trace crypto transactions being used for any illicit activity such as money laundering, terrorism, drugs, human trafficking, weapon sales, and ransomware schemes. The firm has promised to offer its […]

2020-7-30 23:46


Is Crypto the Answer to Australian Banks Invading User Privacy?

Reports are emerging of Australian banks demanding customers complete detailed invoices over their use of funds as a condition for honoring transactions. Time for crypto to take over completely?  Australian Banks are Now Asking Invasive Questions Crypto reporter and analyst Alex Saunders has noted that he is receiving reports that banks are now demanding customers to explain what their money will be used for before honoring withdrawals.

2020-3-7 21:18


Фото:

Coinbase CEO Brian Armstrong Just Revealed A Big Catalyst For Crypto’s Growth From 50 Million Users To 5 Billion

Crypto has crossed to an exciting tipping point. Whilst in the past it was mostly used by darknet criminals, crypto has now acquired a well-nigh universal appeal. It has become the go-to financial instrument for people in economically-struggling countries as well as to smart money investors like hedge funds and asset managers. At the moment, […]

2020-3-7 14:49


Фото:

Why Nick Szabo Probably Isn’t Satoshi

Search online for ‘possible creators of Bitcoin’ and Bit Gold creator Nick Szabo will always appear near the top of the list. His long history in the cypherpunk space, his writings on money, digital cash, and smart contracts, and some facts about his past have often been used to create a compelling picture that he […] The post Why Nick Szabo Probably Isn’t Satoshi appeared first on Bitcoin News.

2020-1-2 16:50


Фото:

Nevada man charged for allegedly running $11M Bitcoin Ponzi scheme

A man in the US has been charged for allegedly operating an $11 million Bitcoin Ponzi scheme. The US Commodity Futures Trading Commission (CFTC) announced the filing of a civil enforcement action yesterday, charging David Gilbert Saffron of Las Vegas, and Circle Society, Corp, with “fraudulent solicitation, misappropriation, and registration violations.

2019-10-17 14:34