Last Updated on March 25, 2024
Chief Crown Prosecutor Andrew Penhale incorrectly reiterated digital asset’s role in money laundering:
https://cointelegraph.com/news/hospitality-worker-bitcoin-seizure-southwark-crown-court
While investigating UK citizen Jian Wen, (a woman with $2.5b worth of BTC) as she faced “challenges passing money-laundering checks” while buying houses.
The fallacy is: “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.”
However, a recent report from the United States Treasury Department contradicts this common claim. The fact is, it’s still cash that is most used – as the report estimated that in 2023, around $3.1 trillion in illicit funds flowed through the global financial system.
On Feb. 8, Cointelegraph reported that the Treasury highlighted the anonymity and stability of cash as a means of payment as a primary reason why it remains the preferred method of laundering illicit proceeds.
Similarly, stock exchange company Nasdaq recently released its “Global Financial Crime Report,” which highlights data related to financial crime over the past year, with no mention of Bitcoin or crypto.