Cryptocurrency to be used in Money laundering and Terrorism?

[daniel002]

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

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[Exidous]

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

I think the market is out of control so the government never wants to legalize crypto because the risk can be very high if they use BTC to do bad things. At the moment, we still don't know what to do to catch criminals using BTC because everything is anonymous and that makes investigating agencies very difficult to handle. I personally don't like this but this is the truth and we have to learn to live with it

[Bagani]

Yes,cryptocurrency can be used in money landering, terrorism and in any illegal activities since bitcoin was created. And that is the reason why other people dont want to learn about this technology, cause the first time they hear about this is all about scam,frauds and something like that. And this is the reason as well why government dont want to fully-legalized in using cryptocurrency.

[tonyvo2017]

I understand this, this has been spreading a lot in the last few years, all transactions are anonymous and that is why money laundering is done so much.
This is also the reason why governments in some countries dislike crypto and blockchain technology, every transaction does not become transparent and it is quite risky.

[jsizar]

Like fiat currency too. In much higher volumes

[Yaunfitda]

Oh well, they can have all the regulations in place, but it's going to be difficult to stop crypto in it's track. I would admit that it is being taken advantage of criminals around the world, but on the other side, crypto is like a saviour for countries like Venezuela, Argentina and Zimbabwe who's into financial turmoil.

So there's a lot of cons, but there's also some positive things that crypto can bring to a country or to majority of crypto enthusiast.

[metallica101]

Good thing there was no terrorism, money laundering, tax evading, and other such stuff before cryptocurrencies were invented. Damn those coins which give the majority of people a greater financial freedom, and only some of them a way to finance illegal activities, which they did with fiat money before that, anyway.

[Ucy]

Good thing there was no terrorism, money laundering, tax evading, and other such stuff before cryptocurrencies were invented. Damn those coins which give the majority of people a greater financial freedom, and only some of them a way to finance illegal activities, which they did with fiat money before that, anyway.

I got confused half way through your post. Guess you are being sarcastic.

The irony is obvious but many do not understand. The community isn't making much effort to educate the ignorant ones who need cryptocurrency the most. Those who understand will keep using the "real thing".

[Emilyp]

Fiat also can be used to carry out money laundering exercise. Why government is solely concerned a out cryptocurrency is because they're afraid it will liberate the masses, it will give financial freedom to mng that the government can't handle.

[masterrex]

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

That was base on a survey i think most of those countries that was survey has no existing laws that include cryptocurrencies to do appropriate measures againts illegal activities like money laundering, terrorism financing and other forms of illegality involving cryptocurrency. aside from doing KYC's on crypto users the space should be regulated in accordance with the existing laws of any country to avoid those problem in the future.

[Yatsan]

Yes it could be used but if its not possible with the fiat money means then why terrorism and other crime activities were still exists.

Crimes do exist even before cryptocurrency were not created and this means that cryptocurrency has nothing to do with such crimes however, after being created it also created a new problem and possible crime involving crypto. As for my opinion there are terrorist because they are against the government where they belong, it has a low percentage where crypto were used to transact with its victim. There are already cases where crypto is used for money laundering simple because it is very difficult to track.

[dark08]

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

I think the market is out of control so the government never wants to legalize crypto because the risk can be very high if they use BTC to do bad things. At the moment, we still don't know what to do to catch criminals using BTC because everything is anonymous and that makes investigating agencies very difficult to handle. I personally don't like this but this is the truth and we have to learn to live with it

Yes its one of the reason why the goverment hate cryptocurrency because it has no control on the transaction, cryptocurrency is being used on the illegal transaction on deepweb like buying drugs, illegal firearms and etc but theirs an advantages for having cryptocurrency like fast and convinience transaction of one person to another.

[Rajbir1994]

I was shocked at reading this article https://all-stocks.net/analysts-disproves-cryptocurrency-money-laundering-article-by-the-wsj/ by @Lipsa Das. For the first time I was confused and was thinking how much true is this? But later on when I read the whole article got the point. But my question is how to recover this situation and back cryptocurrency in a good position?

[Ridwan Fauzi]

Just a fool government who make cryptocurrency to change their money fiat, see your last statement. If those reasons are the factor who make government reluctant to accept cryptocurrency and I'm sure it can be solve easily. The government have to obligate to their citizen who has bitcoin to fill the KYC when they use cryptocurrency so as they can see all of their transaction in real time and they catch the people who make a suspicious transaction.

More than that, I got some news who from some government who intend to create their own cryptocurrency that use blockchain. Such as China and England if I'm not mistaken who are planning to create their own cryptocurrency because their government are scared with utilization in the future who will irritate their economic. Moreover if the libra coin has been launched in the future their money fiat will be disturbed.

[Upgrade00]

If all the government regulated all the exchanges then its easy to track the bitcoin since its not completely anonymous by doing this good people can benefits and the crime activities can be completely stopped.

I am having a hard time deciding if you are being sarcastic or not. Crime will not be completely stopped if bitcoin transactions were regulated, it is not the major source of financial crimes.
Some would even argue that the transparency of blockchain transactions makes it a more difficult means of money laundering.

[OasisDre]

If crypto is been used by criminals as tools for buying weapons of mass destructions where would you put fiat? any valuable item or things can be used to by any god damn thing you want, i can swap my gold for guns if i want, lets not make crypto and blockchain tech look bad because of the bad people, any improved technology will always face such acts by bad people

[kram31]

EVERY SYSTEM OF CURRENCY CAN BE USE TO TERRORISM AND LAUNDERING!
is this new subject to the world? we have FIAT, like cash and check and all of those were used to give the terror groups to finance.
So is this an issue for cryptocurrency? every bad ways will get sh1t to gain goods.

[jacafbiz]

I don't know why people decided to help in spreading FUD like this, what I want to ask is how many people here have sued Crypto for Laundering money or terrorism before or now. Fiat is still the king when it comes to doing bad things like this, so stop helping this people to build FUDs like this

[wedosgibas]

This may be one of the bad benefits, and yes it is easy for us to lose our balance due to fraud in crypto world. But we can use positive benefits, bad things can be prevented if we follow the rules and be vigilant, other than that it might be a mistake and this applies also in the world besides cryptocurrency.

[dcomomal]

The most popular way of making transactions in the dark web. Unfortunately, there are such people that are using crypto currencies to get away from taxes or to fund terrorism, thats why there would be no space for crypto in everyday lives, if there would still be privacy coins.