Money laundering via BTC

[bitkilo]

Yes, when you use bitcoin to pay or transfer money to somebody, generally bitcoin transaction it is very difficult to track somebody who uses it. there are many people who have committed money laundering by using bitcoin because it is not controlled by the government.

I can see that you are still a newbie to all this so it is an easy mistake for people to believe that bitcoin transactions are hard to trace but in reality they are very easy for anyone to trace due to the way the blockchain works, everyone can see any transaction happening on the bitcoin network at anytime, it's a transparent network.
Now that's not to say that money laundering doesn't exist within bitcoin because it does but i am sure you will find more within any fiat money network.

[Rahar02]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Yes, bitcoin is perfect to store black money and withdraw in few months or years which will give more benefit.
So that there are regulations about money laundering regards to bitcoin users such as occurred in some countries, recently on US and Europe.
Actually in some exchanges has rules about buy or sell bitcoin into fiat which limited to some amount everyday.

[Fredomago]

can be washed with bitcoin money, and it was very easy for me, and if when launder money should know the right time, because bitcoin has a value which is very fast for a ride, and down

You are right. This is the other side's weakness if it is anonymous, but I think it is also a high risk, because of fluctuating price bitcoin is certainly very risky if saving money on bitcoin, surely they would think repeatedly to take risk if prices fall. In my opinion, this is not to worry about it because I'm sure bitcoin is not a place for money laundering.

i guess not with the launderer since it is the easiest way to send their money without a trace they will use any resources even the price fluctautes they will not be bother of that the only matter to them is just to move away together with their money and bitcoin for me is the best choice for this type of people, bitcoin is also a currency so in which ways it can be converted as a fiat in anyhow.

[1Referee]

Yes, bitcoin is perfect to store black money and withdraw in few months or years which will give more benefit.
So that there are regulations about money laundering regards to bitcoin users such as occurred in some countries, recently on US and Europe.
Actually in some exchanges has rules about buy or sell bitcoin into fiat which limited to some amount everyday.

It depends on how you manage to convert your black money into Bitcoin. Black money is black money for a reason, so it will be difficult to wire it to an exchange where they nowadays have to know all your personal details in order to make use of their platform. Or they will allow you to make use of it, but will force you to verify yourself in order to be able to cash out your money or coins. Plus they have your details... It has to be through face to face transactions where you slowly or at once buy up plenty of coins. Negative aspect of this is that you don't know whether or not the person you are planning to buy coins from has wrong intentions. Another thing is that face to face transactions require you to pay a decent premium over the actual market rate, but that's mostly not a big deal for people looking to get rid of their black money.

[BtWill1Million]

Bitcoin is pseudo-anonymous, so it's not ideal to hide "black" money in a technology that can be traced back to the person hiding that money. There are other Alt coins with full anonymity more suited for that purpose. Even if you use mixer services with Bitcoin, the authorities can still subpoena these services to release the data, and then you will have to give a explanation for that money. ^hmmmm^

So why HAshocean owners was not found yet, after thousands and thousands on Police claims FBI, Interpol . . private compannys hiring.... huum ? Why ? more then 200 Millions Dollars in BItcoin runned away . .
Why people talks so much about Silk Road, GM TOX or what ever its name, and other bitcoins robbers and scams, but not on this 200 millions dollars Bitcoin runaway ? IS not 200 Millions dollars enought to inspire private investigators to find them ? 

[Mbah Slamet]

Yes, when you use bitcoin to pay or transfer money to somebody, generally bitcoin transaction it is very difficult to track somebody who uses it. there are many people who have committed money laundering by using bitcoin because it is not controlled by the government.

Yes, it's a great way.
I think it's interesting, perhaps more people will make bitcoin as a means of money laundering. If there is suspicion of State, surely this is very dangerous, the ban will be more massive bitcoin.

[deisik]

Yes, bitcoin is perfect to store black money and withdraw in few months or years which will give more benefit.
So that there are regulations about money laundering regards to bitcoin users such as occurred in some countries, recently on US and Europe.
Actually in some exchanges has rules about buy or sell bitcoin into fiat which limited to some amount everyday.

It depends on how you manage to convert your black money into Bitcoin. Black money is black money for a reason, so it will be difficult to wire it to an exchange where they nowadays have to know all your personal details in order to make use of their platform. Or they will allow you to make use of it, but will force you to verify yourself in order to be able to cash out your money or coins. Plus they have your details... It has to be through face to face transactions where you slowly or at once buy up plenty of coins. Negative aspect of this is that you don't know whether or not the person you are planning to buy coins from has wrong intentions. Another thing is that face to face transactions require you to pay a decent premium over the actual market rate, but that's mostly not a big deal for people looking to get rid of their black money

I don't know what exchanges you refer to but I know a few exchanges (e.g. btc-e, exmo) which allow anonymous withdrawals of fiat to a multitude of payment processors such as Yandex.Money, AdvCash, OKpay, Capitalist, etc, as well as to anonymous plastic cards (i.e. with no name imprinted on them). I don't know about other services but, for example, from Yandex.Money you can pay your bills and make purchases in Internet (though this is a shitty service overall). So, it is more about the amount of money you are going to withdraw that would matter in this case, i.e. not whether you are identified...

If you withdraw small amounts and not very often, no one will require you to provide the details of your identity

[LeGaulois]

It really depends, in today's day and age money laundering does NOT just mean cash -> bank account, you could have money in an offshore account that you need to move countries under the radar and then launder it in that country, in which case you could buy the bitcoins with that bank account, through them through a tumbler and wash them in the country of your pleasing.

As far as turning cash into bitcoins to launder, its much harder to do but definitely not impossible.

[morantis]

It really depends, in today's day and age money laundering does NOT just mean cash -> bank account, you could have money in an offshore account that you need to move countries under the radar and then launder it in that country, in which case you could buy the bitcoins with that bank account, through them through a tumbler and wash them in the country of your pleasing.

As far as turning cash into bitcoins to launder, its much harder to do but definitely not impossible.

strictly and technically speaking, laundering simply means to remove any taint on an amount of funds(in any form) that comes from illegal activity.  this can mean cash to other cash, cash to bank and out again, it can simply mean dropping the load at a casino and turning the chips in hours or days later for new money, as long as the activity cannot be traced and the same "tainting" applied to the new funds

[deisik]

It really depends, in today's day and age money laundering does NOT just mean cash -> bank account, you could have money in an offshore account that you need to move countries under the radar and then launder it in that country, in which case you could buy the bitcoins with that bank account, through them through a tumbler and wash them in the country of your pleasing.

As far as turning cash into bitcoins to launder, its much harder to do but definitely not impossible.

strictly and technically speaking, laundering simply means to remove any taint on an amount of funds(in any form) that comes from illegal activity.  this can mean cash to other cash, cash to bank and out again, it can simply mean dropping the load at a casino and turning the chips in hours or days later for new money, as long as the activity cannot be traced and the same "tainting" applied to the new funds

With bigger amounts it seems to be a lot more than that

Just making your money untraceable to their illegal source evidently won't suffice. If you drop by a casino and wash a few million dollars there (let's assume this activity won't raise suspicion itself), you may still have problems explaining to anti-money laundering agencies where all this pile of wealth comes from. It wouldn't even work out with cash since once you begin spending, this will inevitably attract attention of their preying eyes. So I guess you should not just hide the real origin of your hard-earned wealth but also provide a plausible (and verifiable) source of income that would add up to the amount you have managed to launder

[ArabMist]

Bitcoin is pseudo-anonymous, so it's not ideal to hide "black" money in a technology that can be traced back to the person hiding that money. There are other Alt coins with full anonymity more suited for that purpose. Even if you use mixer services with Bitcoin, the authorities can still subpoena these services to release the data, and then you will have to give a explanation for that money. ^hmmmm^

So why HAshocean owners was not found yet, after thousands and thousands on Police claims FBI, Interpol . . private compannys hiring.... huum ? Why ? more then 200 Millions Dollars in BItcoin runned away . .
Why people talks so much about Silk Road, GM TOX or what ever its name, and other bitcoins robbers and scams, but not on this 200 millions dollars Bitcoin runaway ? IS not 200 Millions dollars enought to inspire private investigators to find them ? 

Because private investigators don't stand a chance of finding it,  not even through blockchain analysis companies. If the crypto isn't cashed out to fiat in large amount then it's a no go. They'd have mixed it,  broken the link, found a trusted fixer and cashed out a few mill when they need it. Job done.

[cryptoanalyzer]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Well aside from being crypto BTC is a currency and money laundry always happen to currencies. So its very much likely to face the same fate as fiat.

[morantis]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Well aside from being crypto BTC is a currency and money laundry always happen to currencies. So its very much likely to face the same fate as fiat.

in the beginning btc was a lot easier to use in that way, day by day it begins to equal the range of a pre-paid credit card, it doesn't have your name on it, but most agencies can track it to you pretty easy

[piebeyb]

I think back on it all back to the user rather than on bitcoinnya, I thought why bitcoin can be used as a venue for money launderers, yeah if it bitcoin really wrong in this case, I believe bitcoin future will find a good function to be the currency in which others do not see the black side of bitcoin

[bitkilo]

Bitcoin is pseudo-anonymous, so it's not ideal to hide "black" money in a technology that can be traced back to the person hiding that money. There are other Alt coins with full anonymity more suited for that purpose. Even if you use mixer services with Bitcoin, the authorities can still subpoena these services to release the data, and then you will have to give a explanation for that money. ^hmmmm^

So why HAshocean owners was not found yet, after thousands and thousands on Police claims FBI, Interpol . . private compannys hiring.... huum ? Why ? more then 200 Millions Dollars in BItcoin runned away . .
Why people talks so much about Silk Road, GM TOX or what ever its name, and other bitcoins robbers and scams, but not on this 200 millions dollars Bitcoin runaway ? IS not 200 Millions dollars enought to inspire private investigators to find them ? 

I am sure some of the investigators have found the end addresses for some of these coins but that address could just be a paper wallet that is linked to nobody.
The only chance the authorities would have in making an arrest is when these guys try to cash out to fiat.

[mornabo]

I think back on it all back to the user rather than on bitcoinnya, I thought why bitcoin can be used as a venue for money launderers, yeah if it bitcoin really wrong in this case, I believe bitcoin future will find a good function to be the currency in which others do not see the black side of bitcoin

after all, each user is free to do anything with bitcoin. the government will not know if the officials do a money laundry. but the nature of bitcoin anonymous and decentralized made the government fearful

[DOGE12321]

Not really. Bitcoin is pseudo-anonymous meaning that one can trace back the money to the person who transferred it. Otherwise it is pretty much the same as any fiat.

[Rienair]

Without any doubts this is possible but you should than pick more options to launder it on some way with bitmixers its already for a part possible.

[morantis]

Without any doubts this is possible but you should than pick more options to launder it on some way with bitmixers its already for a part possible.

it is not just possible, it is easy to do, but just not following the methods that most people will spout out here, those are usually based on the past methods that worked but are not good enough now

[Viscore]

Not really. Bitcoin is pseudo-anonymous meaning that one can trace back the money to the person who transferred it. Otherwise it is pretty much the same as any fiat.

If with btc transaction only it could be possible, however we need to convert it to fiat so we can use in real world. We do have expenses in life and for sure you know we cannot use our bitcoin to pay for that. If we are not suspected then we are safe but if we are, then it's going to be a problem if you launder funds.