Dramatic Increase in Cryptocurrency Money Laundering

Ganesh The Awesome Senior Pre & Post-Sales Engineer at GlobalDots

6th July, 2018 1 Min read

Three times more cryptocurrency was stolen from exchanges in the first half of 2018 than in all of 2017, according to CipherTrace. These dirty funds all need to be “laundered,” which results in a multi-billion-dollar and growing cryptocurrency money laundering problem that is attracting the attention of regulators globally.

The research report, which looks at the state of the cryptocurrency Anti-Money Laundering (AML) market, provides insights into the pending global cooperation and crackdown by the G20 international 37-nation financial crime-fighting Financial Action Task Force (FATF).

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The current rules, which seem strict on the surface, call for exchanges to: be registered or licensed, verify customers’ identities, prevent money laundering, and report suspicious trading and transactions. Unfortunately, they are voluntary.

According to Reuters, the FATF is currently discussing making crypto exchange rules binding. Additional global enforcement action is also expected from US Financial Crimes Enforcement Network (FinCEN), and it will likely target money laundering services, crypto-to-crypto exchanges and privacy coins.

A golden Bitcoin coin with a dissolving effect,surrounded by more coins. — Image Source

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