Topic: Bangladesh militants use Bitcoins for laundering money to Kashmir - page 4. (Read 503 times)

Yeah it is easy to say to step up their game but if the government is filled with corrupt people to the brim, I think that it will be close to impossible. There are existing methods but those countries do not have the funds to upgrade their current methods and when it comes to government spending, you have to be on budget and you should have the approval of the majority and you have to start almost from scratch.

It's pretty sad that this is the final frontier when it comes to morals of bitcoin. If this is freedom is then being locked in a cage safe from all this evils is a far better choice then, we can't just look the other way when there are people that are using it for malicious purpose.
I want to believe you that law enforcers will enforce the law but I wasn't born yesterday, law enforcers are breaking the laws too, this world is slowly descending to chaos and we just smile and do nothing about it. Your right about the Toyota cars being used but if the manufacturers were to know that they are dealing with a terrorist, I think that they will not deal with them. Those cars came from CIA so we can't do anything about it.

Uh uh, definitely not. Bitcoin doesn't have a gatekeeper. Bitcoin does not have an administrator like the one we have here on this forum. Bitcoin does not discriminate users. Bitcoin is what genuine freedom is all about. You are a criminal, a pedophile, a politician, a saint, a terrorist, and so on does not matter. You are welcome.


There is no preventing them from using Bitcoin. That is the truth. But, you know, law enforcers will enforce the law. Law enforcement is precisely the reason behind AML, CFT, KYC, and so on. It's their cat and mouse game.

As to Bitcoin, it is there for everyone. In the same manner that countries are not shutting down Toyota car dealers even if ISIS troops are riding on Toyota Hilux. They don't shut down Samsung or Apple or Nokia stores even if these terrorists are communicating through their mobile phones.

Kudos to the police they've seized those transactions early. Good and bad people has only one purpose in this kind of transaction which is "privacy" and "convenience". For the legitimate investment like good people did with their Bitcoins governments still on track of them because it is an untaxable wealth or asset, but to those criminals out there those transactions will surely be distributed to some of their branches depending on what they intend to use those Bitcoins but no doubt for funding illegal activities.

If terrorist organizations can use bitcoin to access it, I think that it is definitely a big deal. Yes, it might look like scratching the surface but there is something more to this and I think that we should be scared of it. As long as there is no real way to prevent terrorist organization and other bad elements from using bitcoin/cryptocurrency, I think that we should treat it as a big deal.

Exactly, Bangladesh is a developing country and recently promoted from least developing country to Developing country in terms of Economy and GDP rate. By the way, people are getting smart nowadays and criminals too. Passing money from border, Bitcoin is the most safest way to transfer the whole money without knowing anyone. That's why, criminal can take that opportunity. On the other hand, good people also use Bitcoin as you already explained.

Because we all want privacy with our financial transactions, the good people and the bad, whether we are hiding something or not.

This does not amount to a big deal actually. Sometimes we are overemphasizing such incidents simply because Bitcoin is involved in it. More often than not, criminals use fiat. Good people use it, too. The same goes with Bitcoin. It is being used both by bad and good people. But in terms of cross-border transactions, Bitcoin is a whole lot better than fiat. We all know that. Terrorists must have also heard of it.

The banned Bangladeshi militant organisation Ansar Al Islam (AI) and Ansarullah Bangla Team (ABT) has sent a huge amount of money to Kashmir. The India TV refers to the case of this trafficking through Bitcoin by converting to cryptocurrency. The media reported that an Indian police officer who was reluctant to reveal the name on Tuesday (March 9).

According to the commentary of the officer, a special action group of Sohail Newaz and Fazle Rabbi Chowdhury named two militants were arrested by the Dhaka Metropolitan Police (DMP),  special branch of Counter Terrorism and Transnational Crime(CTTC) in September 2019. During interrogation, they said that militant organizations have been getting a lot of funds through Bitcoin system since 2014.

These two further said that they collected a huge amount of money from Pakistan and Gulf countries in the form of cryptocurrency. They used to raise money through 'Hundi', but it is now in the monitoring of the law-discipline forces.

Additional Deputy Commissioner Ahmedul Islam, the Additional Deputy Commissioner of Bangladeshi Special Action Team, said it was very difficult to identify illegal transactions through Bitcoin. We do not have technical ability to do this.

The US government announced in August 2020 that hundreds of cryptocurrency accounts, four websites and four Facebook accounts were seized. This step has failed the attempt to collect funds with the digital currency of militant groups.

However, digital currency is still banned in Bangladesh. Bangladesh Bank issued a notice on December 2016 asking everyone to refrain from such transactions.

News published by Daily Ittefaq, an influential national newspaper of Bangladesh. I just translated it from Bangla to English. Here is the news link,
https://shorturl.at/rDIPT [Daily Ittefaq]
https://shorturl.at/gjuAL [India TV]