Money Laundering started with banks not bitcoins.

[larrylegend33]

Yes ofcourse it has been started with the banks, everyone know this but nowadays it can be forgotten. The bitcoin is not the worst and dangereous think in our lifes. It just helps the world to get better. With the blockchain system our tomorrows will be brighter. The banks can be evil not the BTC or cryptocurrency.

[Julunguul]

many people said that bitcoin is the media that used for criminals send money, money laundring and anything else, in fact, that not true. there are many people that use the real money to do the criminals. not bitcoin and not cryptocurreny

If you look deeper, you will be surprised to see how useful bitcoin and cryptocurrency is, even though this is in a bad scope, try looking at Deepweb, all transactions that are done there use crypto because of anonymity and also if using bank transactions it is easy for Interpol to tracking

[SnapDown22]

many people said that bitcoin is the media that used for criminals send money, money laundring and anything else, in fact, that not true. there are many people that use the real money to do the criminals. not bitcoin and not cryptocurreny

If you look deeper, you will be surprised to see how useful bitcoin and cryptocurrency is, even though this is in a bad scope, try looking at Deepweb, all transactions that are done there use crypto because of anonymity and also if using bank transactions it is easy for Interpol to tracking

in my opinion, yes it's so true that thieves should think of only money, so yes, automatically before bitcoin is stolen, surely the target for stolen is the bank, I think

[memecoin]

aww! the banking system had started way, way ahead of bitcoin.  do i sense "bitter" here? i guess the effect is really shakening so they want to use this as an excuse.  i am not buying it.

I think it would be bad if not for the bitcoin to pour out, I would like you to understand that the banking system is not equal to multi-level system, and deep in future reforms. I think you should be glad if this happens and start from now on .

[Lucius]

I absolutely agree with you, but 316 million is way beyond what banks are really capable of. Given the current low marketcap, there is a case in which a group of banks is accused of an attempt to launder more than the total crypto market capitalization! It sounds unbelievable, I know, but this is not some low quality news, the forbes wrote about it a while ago: https://www.forbes.com/sites/francescoppola/2018/09/30/the-banks-that-helped-danske-bank-estonia-launder-russian-money/. These people got caught, but how many more did everything successfully? Blockchain allows to view transactions and the community is very diversified with no key holders of bitcoin being around. Banks are watching others not to launder money but the problem is that nobody's watching banks and preventing such schemes.

Imagine over 200 $ billion money laundering just by one bank, and this is not bank form some corrupt country since this is about Denmark. Or what about HSBC, one of the world largest bank which was the main bank for money laundering used by Columbian and Mexican drug cartels and financing of terrorism for years -and fact that the highest officials of the UK are deeply involved with this bank tells us on what level is money laundering in the world.

The estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. Though the margin between those figures is huge, even the lower estimate underlines the seriousness of the problem governments have pledged to address.

To say that BTC is used for money laundering sounds like a bad joke, trillions of $ go dark with the services provided by banks.

[Sihab76]

Yes money laundering is directly involved with banks and banking systematic approach but not bitcoin and others online virtual currencies. I am sure bitcoin is free from money laundering.

[Msile]

And what people don't understand is that it will continue after bitcoin, everyone thinks bitcoin makes it easier, but as long as there is cash, there will still be money laundering, since cash is the most anonymous way to have money, it is practically untraceable, unless you put one of those detectors that banks use.

[Indamuck]

More illegal transactions are still done with cash instead of bitcoin.  It's stupid that this is one of the main arguments against bitcoin, that it is used for black market transactions.  You don't blame the gun for committing murder, you blame the person responsible.  It's too late for governments to ban bitcoin anyways and they would rather regulate it at this point.

[bering]

I think we should set our mind not again to blame money institutions such as banks or blame cryptocurrency such as bitcoin because money laundering exist because the people behind it utilize banks or bitcoin for their own sake but indeed for those who hate bitcoin will blame bitcoin for money laundering cause and no wonder about that

[deppil90]

I don't know why banks really want to eliminate bitcoin, even though the technology carried by bitcoin is technology that makes sense and can be accepted by someone, company and country

[Mpamaegbu]

The people in Banking industry have long associated Bitcoins with money laundering, from calling it a bubble to linking it to terrorists money they did everything in their power to destroy bitcoins. Today it's been proved that money laundering happens due to banks, was happening before bitcoins came. Deutsche Bank has been raided for money laundering, and it's pertinent to note bankers from this bank had said bitcoins is used for money laundering. It proves that fiat money is and always will be used for money laundering, it's time to stop the witch hunt against bitcoins. #ItrustBitcoinsoverBank.

I can bet it even started long before formal banking began. We can trace it down to the cowrie era. That is the way with anything that can be exchanged. What differs is the expertise and technology that have gone into the money laundering thing now. The master thievery of those who launder money is something else.

[coolcoinz]

Let's make it clear. The term money laundering is being abused by people who have little or no understanding of what it means. Every time we hear about it we think of criminals, drug and arms dealers, terrorists. Money laundering is in fact hiding the money flow from the watchful eye of the government. They'd like to know everything about your activities and when you're hiding, you're most likely laundering. This is how they see it and how we, crypto users, should not see it.
Let's face it, hiding the origin of money is in our best interest. It shouldn't be a crime!

[ivannalog814]

Money was laundered always and everywhere and this does not mean that bitcoin was created for this ! According to statistics, bitcoin has minimal relation to criminal organizations !

[Sirait]

they are only the government and they will not understand about Blockchain and how transparent the concepts offered by Blockchain technology are. money laundering has existed long before Bitcoin appeared, but why should Bitcoin be blamed, the government should be grateful for the emergence of Bitcoin with its blockchain technology...

[suzanne5223]

And what people don't understand is that it will continue after bitcoin, everyone thinks bitcoin makes it easier, but as long as there is cash, there will still be money laundering, since cash is the most anonymous way to have money, it is practically untraceable, unless you put one of those detectors that banks use.

I agreed with what you said because money laundering is not something that start this days, it something which have been happening right from the time when gold was used as money and for the government to say bitcoin help money laundering is just one of their excuse in other to control bitcoin. However, if bitcoin does help money laundering how did fish out those that used bitcoin for illegal activities and it because every transaction on the bitcoin network can still be monitor through the blockchain.

[Yusuf77]

I don't know why banks really want to eliminate bitcoin, even though the technology carried by bitcoin is technology that makes sense and can be accepted by someone, company and country

this is a world of competition, where all of them drop each other to be the best. maybe the bank wants the people to only trust them, namely the bank to keep using their currency and save it there so the bank wants to eliminate bitcoin. I think bitcoin is also prone to crime if that person doesn't know how to secure it.

[Attisob]

Associating Money Laundering to bitcoin is not only misleading but very unfortunate. All over the world financial institutions; especially, commercial banks have been long known as agents that have in their usual quest to make huge profits facilitated money laundering and its related illegal activities.

The most hit by this scourge appears to be the countries in Africa were it is still difficult to track and limit this illegal activities of banks. As noted by the BBC (2018) via this link (https://www.bbc.com/news/world-africa-39695637); in February 2017 alone $9.2m as well as  £750,000 were discovered in a private property belonging to a former government agency director by the Nigerian Anti corruption agency.

Also, in March of same year, large sacks of bank notes were discovered, to the tone of an amount totaling  $155,000 were discovered in the city of Kaduna airport still in the same country.


The next month (April)  a stash containing $43.4m, £27,800 and 23.2m naira were found  in a Lagos apartment with its owner yet to be identified yet in the same country.
The BBC concluded noting that all these sums of laundered money were just a tip of the iceberg.
This is just for a country were majority of her population live below one dollar per day.

A common denominator among almost all nations in this cause is that the participants are mostly elites who in company of top managers in banks facilitate MONEY LAUNDERING.

In just a few years, bitcoin has enhanced transparency, rewarded descent hard-work and facilitated efficiency in promoting exchange. The banks are only scared that in a couple of years they may not be relevant, this informs their mission of misinformation regarding bitcoin.

[btyco]

Banks have been involved in money laundering long before crypto was even invented. Right now they launder more that bitcoin, because even if a bitcoin is laundered they will cash out at a bank anyway

[AimHigh]

The money was start in fiat and it produced by the banks and banks exist before the bitcoin so it means banks was who start money laundering not in bitcoin and I think bitcoin is not a money laundering you cannot borrow money ni bitcoin but you should buy and trade and invest you money for you to earn bitcoin.

[Dexion]

thank you for the information, in my opinion, money laundering always happens in every currency, fiat or digital.

and that's part of a big threat that can affect the value of a currency, and can also harm everyone.

until today we cannot make preventive actions, except just making regulations.