Significantly more suspicious transaction reports on money laundering with Cryptocurrencies - News-Credit-Mortgage-Coin

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Friday, September 3, 2021

Significantly more suspicious transaction reports on money laundering with Cryptocurrencies


The authorities observe an above-average increase in this type of notification compared to the normal number of reports. Overall, the suspicious transactions in Europe are said to amount to several hundred million euros.


The authorities in Germany receive more and more reports of suspicion about money laundering with crypto currencies such as Bitcoin. According to the Federal Ministry of Finance, the number of such suspected cases at the Customs Money Laundering Unit (FIU) has increased significantly since 2018. This emerges from the ministry's response to an FDP request. Accordingly, the number of money laundering reports related to crypto currencies was around 570 in 2018. In 2020 it was already around 2050. That is an "above-average increase in the total number of reports".


The ministry said there was no reliable information about the total amount of money laundering or terrorist financing committed with cryptocurrencies . In principle, however, all crypto currencies could be used for money laundering. To curb this, the EU Commission wants to introduce new restrictions on Bitcoin and other currencies. Transfers of crypto values ​​should be completely traceable. Anonymous digital purses - so-called wallets - should be banned.


Tremendous problem in Europe

The problem of money laundering in Europe is enormous. "It is estimated that suspicious transactions within Europe amount to several hundred billion euros," the European Court of Auditors recently announced. Money that is mostly earned in connection with suffering - for example through forced prostitution, human and arms trafficking, drug deals or extortion - is channeled into the normal economic cycle.


FDP financial expert Frank Schäffler told the "Handelsblatt" that some of the increased suspicious activity reports were due to the fact that the crypto market had grown and more and more established institutes were getting on board and reporting suspected cases more consistently. At the same time, the abysses of the crypto market become clear: "Especially the increasing blackmail attempts in medium-sized companies, in which hackers encrypt computers and only release them again in exchange for ransom in the form of crypto currencies, have once again increased sensitivity to the money laundering problem."

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