Cryptocurrencies and Bitcoin Cash Points in Money Laundering Per Intelligence

By Steven Anderson September 28, 2019 0

The UK police have sold the seized Bitcoin above market price.  About $369,000 was raised by selling the seized cryptocurrency.

Irish firm Wilsons Auctions finalized the auctions of Bitcoin and other seized cryptocurrency on September 26, 2019.  A total of 62 lots of cryptocurrency were sold.  The lot consisted of tokens like “Bitcoin, Ethereum, Ripple, and Bitcoin Satoshi Vision.”

Aidan Larkin, assets recovery director stated, “Despite one of the most significant market dips in recent months during the auctions, the results from these auctions indicate that we are exceeding market value by breaking the cryptocurrency down to smaller Lots […].”

Binance corroborated with UK Police in the process of catching the criminal who has earned nearly $51 million selling phishing scripts.

Previously, Notorious Albanian Gangs in the UK have been using cryptocurrencies for their money laundering process, making things harder for the police. The Albanian gangs have already influenced the Cocaine Market.  This particular criminal network is very dominant in Europe, and they are said to have connections with the Colombian drug cartels.

Peter Goodman, National Police Chiefs’ Council (NPCC), head of organized crime, stated that criminals are taking to use financial technology to stay ahead of authorities. Intelligence studies have reported that “cryptocurrencies and Bitcoin cash points” are being used for money laundering.

When organizing their illegal transactions, criminals are exploiting the lack of regulation in the international cryptocurrency transaction systems. The way they organize their transactions in organized crime is complicated.

Cybersecurity authorities are working to counter online threats; however, criminals in the process of organizing the crime have used technology, providing them with improved privacy, security, decentralization, and anonymity. However, given the decentralized ledger, it is impossible to trace the path of the transactions.

The tracing process is slow, but law-enforcement agencies and cyber-security experts are finding ways to trace these actors.

Andreas Antonopoulos, blockchain advocate stated that the Bitcoin would destroy the global banking sector.  He noted that Bitcoin was perfect for counteracting “the surveillance-banking cartel.”

He further stated that Bitcoin is akin to financial freedom, and no matter what banks try to do, they will not be able to shut down Bitcoin.  The AML requires that the sender and receiver of every transaction are identified.  He stated, “Gradually banks became cops—the problem is that banks can’t be banks and cops at the same time—but they no longer had a choice.”