When we think that crypto is being used by criminals to move tons of money

[Jating]

In a leaked document, the FINCEN files, revealed that banks are allowing thousands upon thousands of suspicious activities are being allowed by this banks, amounting to $ Trillions worth moving across the globe in the last ten years.

So the next time we hear reports that bitcoin or any other crypto is being the 'choice' of criminals, now, think again!.

In summary:

• HSBC allowed fraudsters to move millions of dollars of stolen money around the world, even after it learned from US investigators the scheme was a scam.
• JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it. The bank later discovered the company might be owned by a mobster on the FBI's 10 Most Wanted list.
• Evidence that one of Russian President Vladimir Putin's closest associates used Barclays bank in London to avoid sanctions which were meant to stop him using financial services in the West. Some of the cash was used to buy works of art.
• The husband of a woman who has donated £1.7m to the UK's governing Conservative Party's was secretly funded by a Russian oligarch with close ties to President Putin.
• The UK is called a "higher risk jurisdiction" and compared to Cyprus, by the intelligence division of FinCEN. That's because of the number of UK registered companies that appear in the SARs. Over 3,000 UK companies are named in the FinCEN files - more than any other country.
• The United Arab Emirates' central bank failed to act on warnings about a local firm which was helping Iran evade sanctions.
• Deutsche Bank moved money launderers' dirty money for organised crime, terrorists and drug traffickers
• Standard Chartered moved cash for Arab Bank for more than a decade after clients' accounts at the Jordanian bank had been used in funding terrorism.

https://www.bbc.com/news/uk-54226107

[Reatim]

At least now we have something to counter those expressing their thoughts about Bitcoin and the whole cryptocurrencies as use by
criminals and not to be trusted?

it has been many years that this is the sentiments thrown to crypto thats why this cannot be a good investments or used because
 of this arguments.

But now that this proof of Banks are the one whose the true criminal assistant for their transferring i guess this is the time for us to Heads up and be
 proud of what market are we having.

Thanks for this Mate,nice Thread.

[mk4]

In other news.. water is wet.

But now that this proof of Banks are the one whose the true criminal assistant for their transferring i guess this is the time for us to Heads up and be
 proud of what market are we having.

There has been countless of other cases of banks committing fraud in the past. But what do they get as a penalty? A slap in the wrist.

[Bttzed03]

"Leaked" 

~ But now that this proof of Banks are the one whose the true criminal assistant for their transferring i guess this is the time for us to Heads up and be proud of what market are we having.

It has been proven long before the first Bitcoin block was mined that money launderers have been using banks and other financial services to move their money for years. They can't carry all those cold cash and fly them from one country to another. Even if they can, they probably won't take that risk.

People are just ignorant and gullible to whatever the media feeds them about bitcoin.

[Lucius]

Bitcoin is a small fish compared to all the illegal activities that take place through the banking system, and there is no doubt that these are amounts measured in trillions of dollars or euros. For those who have not heard of the biggest financial scandal in Europe (some say in the world), let them read how Danske Bank laundered around €200 billion through its bank branch in Estonia - and this is an amount that is greater than the total value of all mined BTCs at this time.

I believe that all banks have that part of their business that they hide from the public - dirty money is also attractive to them as long as they make a profit from it. After all, in the event that someone discovers them, they pay a fine and continue to operate as if nothing had happened.

https://en.wikipedia.org/wiki/Danske_Bank_money_laundering_scandal

[20kevin20]

Those who don't do any kind of research and simply listen to what banks and authorities have to say about Bitcoin illegal activity are just ignorant. Doesn't take too long to find out and understand that there are way larger issues surrounding us than some hackers looking for website exploits to scam and people trying to launder money through XMR. The argument about BTC or other cryptos being used in "way too much criminal activity" falls short very quickly, but you obviously cannot share your own opinion when the MSM is airing manipulative news.

[CryptopreneurBrainboss]

At least now we have something to counter those expressing their thoughts about Bitcoin and the whole cryptocurrencies as use by
criminals and not to be trusted?

We away had something to counter, just that those who weren't convince or informed are now at advantage since there's a reference to fall back to when such debate araises. It's a well known fact that thousands of millions are been moved yearly by the scammers and corrupt politicians way before bitcoin was developed and still ongoing yet nothing is been done about it since the practice favour the banks and elite among us.

The only reason bitcoin has been at the front of the attacks is that, they (the elites) know they can't control who does these transactions probably to get a compensation. We acting as if this is some big news that we don't know about is quite funny. Before the new digital means of payment were introduced, where did we think the crime lords, terrorists get their funding through? Obviously it has to be the banks.

This news isn't that much of a win though as the attack won't stop even though this type of news are published daily, the fact is the government are afraid they'll lose it all when we (the citizens) realized the power, having control over our finances has and with Bitcoin that's made possible, so they'll keep fighting until there's nothing else they can do expect to adopt it, just as my country is heading.

[BrewMaster]

the worst problem is not just the fact that banks are allowing so much criminal activity happen right under their nose, no. the worst part is that these banks are also doing a lot of criminal shit themselves and they have been getting away with it scot free.
the only reason why they have ever attacked bitcoin was to hide their own dirty laundry by redirecting the public attention away from their own shadiness.

[Bitcoin_Arena]

It's one of the reason I am here and believe in Bitcoin. I was just simply so sick of the corrupt so called financial institutions that pretend to be good in the eyes of the public. Bitcoin and cryptocurrencies are just an easier target and sacrificial lambs used to cover tracks of way much bigger money laundering and suspicious schemes.

Bitcoin is just 10 years old but before bitcoin even came to exist, where do you think all the drug money, terrorism, human trafficking and Laundered money passed through? It's those very financial institutions  
So when some less informed person comes telling me that bitcoin is used by criminals to hide their money. I just laugh at them.

[avikz]

Yes, I just read it today morning! This Fincen drama is going to create a lot of issues in coming days and weeks for some of the biggies of world politics. But anyway, that's not the main focus of the thread.

Here you are essentially comparing a thousand years old system with an 11 years old system. So the comparion doesn't make much sense! The main currency system in the world is completely fiat based so it's no wonder that fiat will be used for all major money laundering cases. If you compare between the volume of fraud happening with crypto against fiat related frauds, obviously the crypto numbers will be minuscule. But that doesn't provide a clean-chit to cryptos or the license to commit fraud!

[Pffrt]

Let me share how this banking shit works in our country.
There are few people who have taken loan from some of our banks to invest in some other countries (I have not read about the processing in detail and for which country to invest). The loan was approved and later the borrower defaulted the loan. When further investigation has been taken place, it found that a few people from the bank was involved in approving the insecure loan and all of them including the borrower were the beneficiaries of the loan. Guess what? They are money launderer but they have done it through the help of the bank. Both fiat money and BTC has nothing to do with anything criminal but it's us how we use it.

[hugeblack]

The definition of illegal activities is often open and it is difficult to find an international standard for it, because many illegal activities in a country are legal in other countries and because some countries impose penalties on other countries, evading these sanctions in those countries is not considered a crime.
Cryptocurrencies (the real one) are open-source, and everyone can track currencies, so if a way is found to break the tracking of currencies and stop mixing services, the currencies will be more transparent compared to banking systems.

[boyptc]

There's really a lot of shady transactions happening with bank transfers. What's wrong with the reports about bitcoin is that they're hyping and making it that all of the illegal transactions are only happening with bitcoin.

But they never compare it when they report about those illegal transactions with the shady deals happened and transfers inside and allowed by the banks.

[Lorence.xD]

I believe that all banks have that part of their business that they hide from the public - dirty money is also attractive to them as long as they make a profit from it. After all, in the event that someone discovers them, they pay a fine and continue to operate as if nothing had happened.

The problem about banks getting slammed down because of illegal activities is that they have a very powerful connection to the people in power. The profit is too big for this banks to let that malicious oppurtunity go and the people backing these banks is profiting too. The sad reality is that most economy has a very close tie with banks which makes it more problematic in the first place. Kind of like a parasitic yet symbiotic relationship.

[meanwords]

There's no doubt that banks or fiats are still the number one thing that is being used for fraudulent activities. From the fact that banks are making a big profit because of this and allowing such activities, criminals tend to cling to this.

But we still can't deny that the use of cryptocurrencies are increasing when it comes to illegal things.

[Initscri]

In other news.. water is wet.

But now that this proof of Banks are the one whose the true criminal assistant for their transferring i guess this is the time for us to Heads up and be
 proud of what market are we having.

There has been countless of other cases of banks committing fraud in the past. But what do they get as a penalty? A slap in the wrist.

I've said this time & time again. Banks have been pulling this shit for years, and every time a new revelation comes out everyone acts surprised.

At least with regards to Bitcoin, the exploitation for potentially illegal means is well documented, and the bitcoin community as a whole fundamentally understands that it's a by-product of a generally free market. It's not hidden, dismissed, or otherwise ignored.

[Eureka_07]

<snip>
But we still can't deny that the use of cryptocurrencies are increasing when it comes to illegal things.

There is a thread here just recently that mentioned monero, according to media, is also being a favorite crypto safehaven of criminals because of it's privacy.
On the part of the banks who allowed, allows and will allow any such suspicious activity should be penalized and punished.
Tighten the law restricting these activities so it will not be easy for those criminals to do it.

[molsewid]

There's no doubt that banks or fiats are still the number one thing that is being used for fraudulent activities. From the fact that banks are making a big profit because of this and allowing such activities, criminals tend to cling to this.

But we still can't deny that the use of cryptocurrencies are increasing when it comes to illegal things.

Of course, before fiat and the bank is the first option of the criminals. But right now, their second option is using crypto-currency. I will not be surprised if the bank accepts fraudulent activities. Banks tend to take this kind of action to accumulate more profit.

[int03h]

Compared to the billions of dollars that banks have helped criminals move, bitcoin looks cleaner. For years banks abetting criminals, the numbers published above are only superficial, so how much money have they helped criminals transfer and launder before?
They blamed Bitcoin and went against Crypto, but they did even worse. Technology cannot be bribed, but humans do.

[Lucius]

The sad reality is that most economy has a very close tie with banks which makes it more problematic in the first place. Kind of like a parasitic yet symbiotic relationship.

The world is also largely governed through banks, and they are of course influenced by the most powerful countries in the world. The first option of imposing some rules is always diplomatic, then it goes economically through borrowing money and creating financial dependence, and finally the last option is war.

Banks greatly influence a country's economic development by paying different interest rates for private and business users - so in some EU countries, for example, the interest rate is 1% or even lower for a business user - and in some other EU member states the interest rate is 8% or higher. Not only are banks corrupt to the core, but they are also used as instruments to destroy competition.