Money laundering via BTC

[7788bitcoin]

money laundering is not allowed the government for fear of money from illegal proceeds obtained from a criminal............

you need to fully understand what is money laundering,.. it is an act to wash money from illegal activities, so that is clearly illegal.
Most countries have use a standard money laundering producer, that is why it's hard to launder money if you use bank as most bank are reporting to the AMLC.

Offshore shell companies and banking accounts are used mainly to overcome the restrictions by criminals and it is not a secret and it is difficult to identify everything by any government and if it was a easy job to shut down the trillion dollar underground economy the government would have already done that. Major criminal networks will have ties with the government in some third world country and they can wash the currencies easily and return back to their country.

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[Anish_Rocky]

I found this on internet about money laundering with bitcoins.

https://www.elliptic.co/our-thinking/bitcoin-money-laundering

[vaultman]

No one knows who is the owner of these sites. Perhaps they belong to the government of any country and then everything becomes clear

[Ziskinberg]

I found this on internet about money laundering with bitcoins.

https://www.elliptic.co/our-thinking/bitcoin-money-laundering

Taken from the article or link you put, here's a simple picture on how money laundering is done in crypto.



All we see above might either be ban or regulated in the future as the government are really strong in implementing the anti money laundering act.
Personally, I'm guilty of using Tumblers and gambling sites, but not for the intention to launder money, just to keep my privacy.

[tourist2079]

I have heard that OTC brokers are used to launder money. These brokers are affiliated with exchanges, but operate independently of them and serve clients who want to sell a large amount of cryptocurrency at one time. They have minimal client identification requirements and will first sell your bitcoins for USDT and then in fiat. They say that the volume of OTC trading is huge and can be more than legal

[Natalim]

money laundering is not allowed the government for fear of money from illegal proceeds obtained from a criminal............

you need to fully understand what is money laundering,.. it is an act to wash money from illegal activities, so that is clearly illegal.
Most countries have use a standard money laundering producer, that is why it's hard to launder money if you use bank as most bank are reporting to the AMLC.

Offshore shell companies and banking accounts are used mainly to overcome the restrictions by criminals and it is not a secret and it is difficult to identify everything by any government and if it was a easy job to shut down the trillion dollar underground economy the government would have already done that. Major criminal networks will have ties with the government in some third world country and they can wash the currencies easily and return back to their country.

That's another way, and we can say that there is no policy that could completely eliminate this illegal activities but at least this is created to minimize the money laundering act. If only all the banks in the world would comply with the same standards of AMLC law, I think they will win in this battle, crimes will be minimize.

[dansus021]

Money Laundry using bitcoin is totally posibble  using bitcoin mixer and buy some private based crypto like monero or zcash and your money is untracable

[Argoo]

Money Laundry using bitcoin is totally posibble   using bitcoin mixer and buy some private based crypto like monero or zcash and your money is untracable

Money laundering with bitcoin and other cryptocurrencies has occurred and will continue to occur. This constant struggle between criminals and law enforcement agencies will continue for a long time with varying success. Only bitcoin is being used less and less for criminal purposes.
For this, coins with a high level of anonymity, such as monero, are increasingly being used. Bitcoin is only tentatively anonymous and traceable.

[Natalim]

Money Laundry using bitcoin is totally posibble   using bitcoin mixer and buy some private based crypto like monero or zcash and your money is untracable

Money laundering with bitcoin and other cryptocurrencies has occurred and will continue to occur. This constant struggle between criminals and law enforcement agencies will continue for a long time with varying success. Only bitcoin is being used less and less for criminal purposes.
For this, coins with a high level of anonymity, such as monero, are increasingly being used. Bitcoin is only tentatively anonymous and traceable.

They are going to crack down mixers as this is one tool used for money launderers, this is a public information, we have read some news that stolen funds through hack were sent in mixers to lander the funds and since authorities can't track mixers, they might probably think of banning it.

[husencoe]

I also agree with your opinion, because now many officials are keeping their black money in cryptocurrency especially in BTC, and for this many are doing so today, because saving money into cryptocurrency is the best way of money laundering.

[Igor17Krik]

Now billions of dollars are being laundered in bitcoins. It seems to me that this is one of the most important problems for the development of cryptocurrencies. Decentralization has pluses and big minuses in the form of machinations and other criminals.

[azaarps]

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, sir, there are a lot of services that provide money laundering through Bitcoin, but they take 50% of the amount and do not take the space to store the money in nothingness, which is a private electronic address far from the party of a responsible party or sites for which you provide your confidential documents
Like my service, you can use it for this thing. Create a secret wallet without documents. You can verify it through this: https://bitcoind.link/
There are many ways to benefit from my service for free. The only support is donations that are donated from the user only.

[Botnake]

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?

Bitcoin is completely anonymous digital asset. It is the perfect way to wash your money. Just buy bitcoin anonymously then cash it out to your bank with exchange sites. No one can't ask you where is money coming from.

Are you sure about that? You really have to cash it out from the bank? I think bank has more sophisticated control to trace the origin of your transaction because they are regulated by the government and banks do require KYC and they cooperate with the Anti Money Laundering Council.

[Ridwan Fauzi]

Now billions of dollars are being laundered in bitcoins. It seems to me that this is one of the most important problems for the development of cryptocurrencies. Decentralization has pluses and big minuses in the form of machinations and other criminals.

Why like that? Even money fiat is more anynomous than bitcoin. When you use money paper for illegal purpose, are they traceable? I don't think so. You'll never track when someone use money paper, believe me.

As for bitcoin being used by illegal activity, I think it is depend on the user itself. There are many people as well who use bitcoin for a good purpose and it can help them. So, I don't think this is the important problem, if we compare bitcoin is like money fiat when people use them.

[Natalim]

Now billions of dollars are being laundered in bitcoins. It seems to me that this is one of the most important problems for the development of cryptocurrencies. Decentralization has pluses and big minuses in the form of machinations and other criminals.

Why like that? Even money fiat is more anynomous than bitcoin. When you use money paper for illegal purpose, are they traceable? I don't think so. You'll never track when someone use money paper, believe me.

AMLC will only be interested to check that if the money is already in the bank, paper money can be transferred from people to people but if we are talking of big money here which is usually the case for money laundering, it always involves bank and other financial institution and once it's already in the bank, there's already a trail.

As for bitcoin being used by illegal activity, I think it is depend on the user itself. There are many people as well who use bitcoin for a good purpose and it can help them. So, I don't think this is the important problem, if we compare bitcoin is like money fiat when people use them.

There's a public ledger which called blockchain, everything can be seen in there, that's the reason it's easier to track transactions.

[Karartma1]

There is so much confusion in this thread: most of you have to do proper research before even thinking about bitcoin privacy tools otherwise you will surely get rekt along the way.

First of all, remember that Bitcoin privacy tools (coinjoin, payjoin, wasabi, whirlpool, mixers etc) may work well only into the bitcoin world: if we do real p2p btc txs or if we use the LN, for instance. The moment we link bitcoin/crypto to the fiat currency world (where AML definitely kicks in) all those checks are inevitable and you will start playing with fire. Unless you are experienced firemen, I would avoid doing anything that can do more harm than good.
Exchanges do real-time monitoring nowadays and every tx is flagged: they are using both AI/big data services and chain analysis tools to understand where your btc have originated in the past.
Be extremely careful.

[okyeresam]

Yes I think is very simple

[Botnake]

Billions of dollars have been laundered through cryptocurrency exchanges — bitcoin businesses often find themselves on the front lines. Money laundering is a significant problem for the world economy

if you have a source on that better add it to verify your statement.
Money laundering can be done anywhere, either in crypto exchanges or even in banks, but without a source we can't verify how serious the problem is.

the fact that exchanges are regulated, they are already following some set of measures to prevent money laundering, and if we say billions, that should be coming from whales or any trader that has been trading using a significant amount and I guess crypto exchanges are already requiring a KYC compliance to people who risk that big money.

[UmerIdrees]

Money laundering via crypto will be considerably reduced when U.S. Financial Crimes Enforcement Network (FinCEN) proposes a law where no one will be able to withdraw from the wallets until have provide proper evidence of the transactions. If this New KYC rules for crypto wallets is implemented, crypto will no longer be anonymous and it will make money laundering difficult.

[Ziskinberg]

Money laundering via crypto will be considerably reduced when U.S. Financial Crimes Enforcement Network (FinCEN) proposes a law where no one will be able to withdraw from the wallets until have provide proper evidence of the transactions. If this New KYC rules for crypto wallets is implemented, crypto will no longer be anonymous and it will make money laundering difficult.

But would it really serve the best interest of the people, crypto is not suppose to be centralized, it should be anonymous, meaning no KYC for every transaction. The regulators can regulate exchanges but they can't regulate a p2p transaction, which means money laundering is still possible.