Cryptocurrency is rarely used in money laundering activities compared to FAT or other traditional methods, according to a new report from the society for worldwide Bank financial telecommunications( SWIFT) but Crypto is not prominent.
Despite the fact that corrupt acids are a preferred haven for illicit acquired funds, criminals prefer to invest the proceeds from mules, front company’s, cash business in finance. The number of cases of money laundering through cryptocurrencies is relatively small compared to the amount of money laundering through current methods.
Money laundering remains a major problem for economies around the world according to the United Nations office on drugs and crime, 800 billions to 22 trillion is grounded each year through cash channels, are the equivalent of 2 to 5% of global GDP. but Crypto is not very prominent.
The money laundering report, compiled in conjunction with financial research field bi system, considers how to expose the counterfeit in and misappropriation of a criminal economy before integration it into the legitimate economy. money flows through the financial system.
While virtual currency transactions are rare, some of them are high-level, said Swift an interbank messaging film. in one of the features , the cybercrime group allegedly converted the stolen funds into cryptocurrencies through ATM cash outs.
Authorities sized 15,000 Bitcoins to sports cards and jewelry worth 77,55 7,000 from the groups leaders home, including another case of arrest and legal action. the authors observed at privacy focus digital acids such as monore or could attract criminals in the future.
Swift explained that online thieves can try to use Crypto as a means to recover points stolen during cyber host and cover there finance before making various purchases to raise money. for example, cybercriminals may have floated stolen funds to load prepaid cards with Bitcoins before using the financial platform in Bitcoin formed the reports said.
The leaders group allegedly linked to North Korea is competing’s stolen money into a product ecosystem as well as one of the methods used by Chinese facilities to cash stolen stolen acids provide inside prepaid cards attached to the Crypto wallet can also facilitate the return of a small amount of stolen cream to fiat.
Another technique of rearing in malls converting to currency into tangible assets according to report there are dedicated Around The World that facilitate the purchases are issland and property acids including luxury penthouses and tropical islands as well as watches gold , bars, and fine arts.
Swift has expressed concern in the financial system dad peer to peer shopping in luxury online market from month is helping to hide inside wealth. The cases of cryptocurrency launching a relatively small compared to the amount of money laundering through traditional methods Swift said the last week.
He added that traditional methods such as the use of mules Hawala using intermediaries front companies cash and drug trafficking at the forefront of money laundering.
Swift says criminals prefer cash for money laundering , not cryptocurrency