Topic: Banks Launder $2 Trillion While Claiming BTC Is For Money Laundering? - page 2. (Read 320 times)

This is a means to herd users into breaking the privacy cloak Bitcoin offers. If it is tagged as a suspicious commodity, then bogus regulatory laws placed on it through centralized platforms can be justified and users are forced to de-anonymize themselves.
Monero for example, which is one of the most privacy centered cryptocurrencies has come under lots of attacks and criticisms from government agencies who are constantly trying to track it - Private Coin Monero Can Now Be Tracked By US Homeland Security or to reduce its adoption by exchanges making it more difficult for it to be used.

With the increasing suspicion being linked to cryptocurrency transactions, Banks and governments increase the cost of users trying to maintain their privacy when transacting, which is a big threat to government control.

This is the regular opinion I get from people. The narrative of Bitcoin as a means of facilitating illegal activities has always been a means of controlling it or dissuading people from using it.

Cash has always been the shadiest currency, with the banks backing it to death and acting as ‘legal cartels’ to facilitate money laundering and other illegal stuff across the world. While they still have an essential part on the economy and society, one cannot deny the fact that they commit crimes most of the time in plain sight, and they are only getting caught if someone ballsy enough stands up against them and expose them to the public. Imagine the countless scandals banks have found themselves into and only getting fined with no severe legal repercussions. Yep, sounds so fair.

my take:

1) to keep the fiat ponzi scheme going (bankers and the top 1% need that money printing/money laundering machines active 24/7)

2) BTC can help the average joe to keep their wealth out of reach from the claws of the system, as such, it may be a bit of a problem in the long-term for the crooked banking system so they send the media to keep the "bitcoin bad, banks good" narrative alive so that the herd can have that feeling of safety, security and trust when keeping their money in the banks

actually this is not popular at all. maybe only in certain circles like the banking cartel or the FUD army that tries so hard to keep the bitcoin price down.
otherwise in real world and among regular people, bitcoin is either unknown or is usually seen as virtual money for the nerds.

All I know is that there are a lot of shady business while using fiats. For example, I checked about western union and I noticed the fiat collected using western union is not even traceable. There are amber shady things of such that I have read about fiat currencies. It is not surprising to me when I read about the malicious activities. I believe people know that most people still use fiat, which is an evidence of more scam activities. It is not about the fiat or cryptocurrencies, anywhere people are, there are good and bad people. People know how to manipulate.

While claiming crypto is used in money laundering and terrorism financing, I still remember a news I read on cointelegraph where united state SEC implied it is a misconception which is actually and totally true if compared to fiat.

This doesn't surprise me atall. Afterall most of the traditional financial systems are too opaque... so worst things could be happening there. The traditional system should be as transparent  as truely decentralized cryptocurrency or more transparent.
Eliminate or reduce their centralization, secrecy, apaquness etc and you will solve lots problems and also can see their activities clearly to solve crimes and evil
The traditional financial system without proper transparency is more like a kingdom of darkness. But many are OK with it because lots of the evil are hidden.

Probably because if bitcoin is legalized, then banks will no longer be needed. Everyone is watching the digital yuan testing in China.
If the US government is investing huge amounts of money to track transactions on the blockchain, then in the future, cryptocurrency will play an important role in the field of payments.
Banks will fight to the last, while there is a possibility.

The popular idea is Bitcoin and cryptocurrency are the tools for processing illicit and criminal activities around the globe. But we have learned it is global banks that moved some $2,000,000,000,000 ($2 trillion) worth of suspicious transactions for criminals around the world.

According to Buzzfeed News it turns out, "Deadly Terror Networks And Drug Cartels Use Huge Banks To Finance Their Crimes." Buzzfeed obtained thousands of documents that detail how the banks profit. The documents contained private banking information about public figures and senior government officials around the world — along with suspected criminals and organizations tied to terrorism.

More than 2,100 “suspicious activity reports” were filed from 1999 to 2017. These reports are required when there are signs of money laundering or other potential crimes. These transactions could be linked to drug dealers, terrorists, human traffickers and other illicit operations. But after filing the reports the big banks continued to process most of the transactions and collect the associated fees.
 
These documents compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which criminals have exploited them. Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees, according to the documents.

Since the story broke shares in finance giants Deutsche Bank, JPMorgan Chase and HSBC have tumbled.



The volume of transactions and amount of money involved make the "Dark Web", cyber-criminals, crypto exchange hackers and other bad actors look like amateurs.

In light of these reports governments, securities regulators and executives at global financial institutions have some explaining to do. They have been raking tremendous profits for executives and shareholders by moving dirty money.

Interestingly the leaked documents stem from a congressional investigation into the 2016 U.S. presidential election. We are less than 45-days away from the 2020 elections.  

Why do these gatekeepers cast doubt about supporting crypto while laundering trillions of dollars for global crime cartels?