Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies
China has become a hotbed of illicit crypto trade lately. The country has earned quite a reputation in the international community when it comes to scams and illegal activities involving cryptocurrencies. For the past months and years, there have been a number of notable illicit activities originating from the country or involving Chinese nationals that were […]
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In a bust that once again reveals the dark side of cryptocurrency usage, the Hong Kong Customs cracked down on a sophisticated money laundering operation, seizing assets and making several arrests. According to the press release by the Hong Kong Government, the operation to bust this money laundering scheme is dubbed “Fencing,” and it particularly […]
Digital currencies were deemed a "low" risk for money laundering and terrorism financing in a report published last month by the UK government. In a National Risk Assessment released 15th October by HM Treasury, the government said that digital currencies present the lowest risk rating among money laundering vehicles, a list that also includes cash, banks and accountancy services. "The money laundering risk associated with digital currencies is low, though if the use of digital currencies was to become more prevalent in the UK this risk could rise," the report states. It goes on to....
The Chinese government has never supported crypto activities since the emergence of the industry. The People’s Bank of China took further actions against the digital industry and banned all local digital assets operations. Since the crypto ban in China, the government never stopped ringing a reminder that no digital activity can thrive in the country. […]
Since the growing crypto issues, high inflation, and happenings like the Terra collapse have shocked the world, law enforcement agencies, including China, have been working actively to protect users and capture criminals. China has busted a new group in a recent crackdown on money launderers. Cybercriminals and fraudsters from almost every corner of the world […]
Thomson Reuters has published a white paper detailing the challenge for law enforcement with digital currencies and how they can be used for money laundering. The paper is mainly an educational article and serves as an introduction to the problem of money laundering and digital currencies. The paper starts by quoting the Financial Action Task Force (FATF), which is an international group involving 36 countries that money laundering is at the level of between two and five percent of global GDP, i.e. $1.38 trillion to $3.45 trillion. This is a rough estimate as, by the definition of the....