Is Bitcoin A Tool For Criminals? Drug Cartels Prefer Banks
A report from The International Narcotics Control Board (INCB) shows that bitcoin is not the preferred method for drug cartels and other criminal groups to launder money, they rather use banks. This opposes the widespread narrative that claims the digital coin creates the opportunity for crime. Said argument is often used to excuse the hostility […]
Related News
Mexican drug cartels generate a lot of profit in the USA, which is one of their main markets. How is this money transferred back to Mexico? Banks – the old favourite. In the past, drug cartels had cozy relationships with banks, which facilitated the transfer of drug proceeds. In 2012, HSBC reached a $1.9 Bn agreement with the United States admitting that it had enabled Mexican drug cartels to launder billions of dollars through its counters. The charges include failure to monitor more than $670 Bn of wire transfers and more than $9Bn of purchases of US dollars from HSBC Mexico. The....
It’s unsurprising that Bitcoin and other cryptocurrencies have found their way into the dangerous realm of drug cartels. According to law enforcement officials, cryptocurrency is developing as a new front in Latin America’s fight against gangs vying for control of massive illicit marketplaces for sex, drugs, guns, and people. In Mexico, it has been reported […]
There is a very real question that needs desperate attention. When the Silk Road was taken down last year the media talked for weeks about how easy it was for criminals to use cryptocurrencies either when they are buying illegal drugs online or when they need to launder ill-gotten gains. The reports are usually full of doom and gloom that predict the end of civilization as we know it unless we can get control of this currency. The question is: Is Bitcoin really a criminal's dream? The fact is however that the most misused currency in the world is the US $100 bill. This one bank note....
According to the International Consortium of Investigative Journalists (ICIJ), five major global banks have been exposed funneling trillions of dollars in criminal funds in the recently leaked FinCEN Files. The massive leak is 2,100 documents spanning from 2000 to 2017 which shows fraudulent funds flowed almost effortlessly through JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon. The world’s regulators are supposed to be regulating the ‘tainted’ dollars that flow through the financial system and the United States has a number of....
The U.S. Department of Justice charged the six individuals for alleged involvement in laundering funds from Mexican drug cartels after an investigation spanning years.