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Topic: Fiat vs Crypto in money laundering - page 3. (Read 616 times)

legendary
Activity: 2268
Merit: 1655
To the Moon
July 16, 2020, 07:11:52 AM
#44
I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. ...

This is not surprising. Fiat has a much larger volume than the crypto market as a whole. In addition, Fiat has long been used for money laundering and this familiar scheme will not soon be replaced by cryptocurrency. Also, it remains difficult for many to use cryptocurrency for these purposes, if you can do it very simply with Fiat.
member
Activity: 126
Merit: 10
July 16, 2020, 06:05:06 AM
#43

Yea, probably because many criminals don't have the knowledge of how crypto works and what crypto flaws are, people really need to stop using something they have to knowledge about.
Don't underestimate criminals about their knowledge about learning a new thing for their illegal activity. They don't use crypto to money laundering as much since there are still a lot of centralized exchange so they don't want to risk.
full member
Activity: 784
Merit: 101
July 16, 2020, 05:54:31 AM
#42
Do you know which currency is the most used one for shady activities? American dollar. Do you know that almost every american dollar, as paper money, has on its surface trace amounts of cocaine? So what we are talking about? This idea about cryptocurrencies is totally wrong!
member
Activity: 504
Merit: 16
July 16, 2020, 05:47:04 AM
#41
Not even surprise about that. Fiats are way easier to use in money laundering although cryptocurrency has been used by those criminals already lately but they probably convert it to fiat anyway. The statement in an article link given by OP makes sense;
 
 
Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process …
 While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”

 Criminals are also more familiar about fiats than crypto thus having some doubt to use crypto in fraudaleny acts.
Yea, probably because many criminals don't have the knowledge of how crypto works and what crypto flaws are, people really need to stop using something they have to knowledge about.
sr. member
Activity: 952
Merit: 253
July 16, 2020, 05:40:00 AM
#40

Of course, Fiat is in every corner of this world so I expect Fiat to be the best choice for money laundering and other illegal activities more than what we can find in crypto space crime, not everyone embrace crypto yet as we all know it, there are over billions of people who aren't using crypto yet
I think money laundering with Crypto is difficult, because the Blockchain system can be traced so that criminals have to think about what to do. Although later Crypto users are same as Fiat users, but I'm not sure money laundering will be same as in the article given by OP.
It's difficult and it's true, but there's always a way. some scammers are yet to be caught until now because maybe they know they way and we still cant figure out how they hide the money they got from scamming but fiat certainly easy for money laundering just move from an individual to another individual and no one knows and fiat has always been used for many bad things aswell compared to crypto.
member
Activity: 795
Merit: 10
July 16, 2020, 05:07:33 AM
#39
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/

Definitely, fiat currency would have been used more for money laundering.  Let's consider the fact that how many of those laundering money were involved in crypto?  Definitely none or very few.  It is possible in the future that there is a turn of table if those people adopt crypto and get to know that it is easier to launder money with digital currency than fiat ones.
full member
Activity: 480
Merit: 106
July 16, 2020, 04:47:20 AM
#38
This is expected. Fiat exists for such a long time and crypto is a newbie in the money laundering schemes. Even tax heaven could also be considered as a legal way to reduce tax or tax evasion so there are some money laundering schemes with fiat out there also in the borderline of the grey arena. I'm bet crypto for money laundering schemes is just a baby to them.
member
Activity: 462
Merit: 19
July 16, 2020, 02:17:35 AM
#37
There are more FIAT users in the world than crypto users, so it's surety that FIAT will be used more in crime activities, I'm starting to like the idea of blacklisting crypto addresses or freezing addresses, at least this will bring fear into the mind of hackers and other criminals
full member
Activity: 896
Merit: 115
July 16, 2020, 02:13:41 AM
#36
This is a clear fact that no one can fault. Not minding the ratio because Fiat users are way more than cryptocurency users, it's still the easiest for the larger populace to use.
hero member
Activity: 2604
Merit: 816
🐺Spinarium.com🐺 - iGaming casino
July 15, 2020, 10:35:37 PM
#35
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/

Fiat money surely is still the best choice for money laundering but crypto is catching up fast. It's getting difficult to move fiat but crypto are much easier to move without getting caught. I don't mean to accuse crypto but it's nature does provide better option for laundering. If we really want to stop people from money laundering, we should rethink the way money gets circulated and used in society than to wage a never ending ware between launderers and authorities.
No, I don't think so because if they know about crypto, they will see how to convert from fiat to crypto. And now, we have so many sellers we can trust to help us convert to crypto. That can give them a new way of money laundering. The police and the government need to work hard to clarify and investigate this problem before the bad people use crypto for illegal things. If that happens, people will only know that the crypto will only be used for illegal things, and they will not want to use crypto for good things.
sr. member
Activity: 2436
Merit: 272
Eloncoin.org - Mars, here we come!
July 15, 2020, 07:05:02 AM
#34
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
This can be a proof that even government controlled money is prone to such illegal activities and government can't really do anything to completely stop them, so we should stop saying cryptos can be used for illegal purpose.

More note to add that money laundering happes via mixers but in 2020 the usage of mixers reduced in considerable amount compared to 2019.
full member
Activity: 1055
Merit: 103
July 15, 2020, 06:34:42 AM
#33
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/

Fiat money surely is still the best choice for money laundering but crypto is catching up fast. It's getting difficult to move fiat but crypto are much easier to move without getting caught. I don't mean to accuse crypto but it's nature does provide better option for laundering. If we really want to stop people from money laundering, we should rethink the way money gets circulated and used in society than to wage a never ending ware between launderers and authorities.
full member
Activity: 1820
Merit: 107
July 15, 2020, 06:18:39 AM
#32
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
Fiat as an old currency still dominated the world's financial requirements and transactions thats why it's not surprising to called like that. Bitcoin and other cryptocurrencies only existed in 2008 up to present, while Fiat currency largely recognized all over the world, with or without internet, while cryptocurrency was only concentrated in a place that has an internet connection, and those illegal activities like money laundering are not limited in one place thats why Fiat as the worlds most recognized currency still the most laundered currency compared to Bitcoin and other cryptocurrencies 
full member
Activity: 2394
Merit: 202
★Bitvest.io★ Play Plinko or Invest!
July 15, 2020, 05:44:07 AM
#31
Money laundering will be more difficult if all transaction of holders can be in crypto without any fiat exchange, the fiat deposit that the government can freeze, monitor or take tax. My only concern is the process of hiding, it does not indicate that such holder is legitimate to the fund. Fiat is very difficult to launder and some might choose property or legitimate Enterprise but without the personal disposal to the fund money can be lost.
Why would people launder money if they aren't criminals? Yea? Only criminals will launder money either with crypto or Fiat, people need to abstain from all this criminal life, I have no problem with crypto or Fiat since my money making way are clean and pure, you have nothing to worry about if you have no skeleton hiding in your closet

Money Laundering is commonly present with criminals and corrupt people, trying to hide
their wealth and use platforms not being caught.
If you are not involved with such kind of activities there's no problem whether you use
fiat or crypto venues.



In the present of KYC from most exchange, laundering is now can easily detect by the
the owner and can freeze once there's some sign
of illegal practices / activates that being sighted.

sr. member
Activity: 1274
Merit: 252
July 15, 2020, 05:40:51 AM
#30
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
It is undeniable that money laundering often occurs using FIAT. Due to the centralized nature of fiat, it is most likely done by someone close to the government or the person in power, it is prone to laundering. Referring to the current value of bitcoin is not that big. But on the other hand bitcoin alone can be used as a money laundering infrastructure because of its anonymity and it can be done by anyone.
member
Activity: 700
Merit: 27
Sovryn - Brings DeFi to Bitcoin
July 15, 2020, 05:29:27 AM
#29
Money laundering will be more difficult if all transaction of holders can be in crypto without any fiat exchange, the fiat deposit that the government can freeze, monitor or take tax. My only concern is the process of hiding, it does not indicate that such holder is legitimate to the fund. Fiat is very difficult to launder and some might choose property or legitimate Enterprise but without the personal disposal to the fund money can be lost.
Why would people launder money if they aren't criminals? Yea? Only criminals will launder money either with crypto or Fiat, people need to abstain from all this criminal life, I have no problem with crypto or Fiat since my money making way are clean and pure, you have nothing to worry about if you have no skeleton hiding in your closet
hero member
Activity: 2408
Merit: 516
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
July 15, 2020, 05:20:30 AM
#28
Money laundering will be more difficult if all transaction of holders can be in crypto without any fiat exchange, the fiat deposit that the government can freeze, monitor or take tax. My only concern is the process of hiding, it does not indicate that such holder is legitimate to the fund. Fiat is very difficult to launder and some might choose property or legitimate Enterprise but without the personal disposal to the fund money can be lost.
hero member
Activity: 1360
Merit: 506
July 15, 2020, 05:10:34 AM
#27
I have seen some studies that said that only 5-10% percent of all Bitcoin transactions are connected with shady activities like terrorism, buying drugs or money laundering. But more and more criminals avoid blockchain because they understand that records on the blockchain are immutable and could cause many problems in the future. Maybe they choose more anonymous cryptocurrencies - Monero, but also there is a problem with how to get funds from Monero to the real world.  Wink
member
Activity: 434
Merit: 19
July 15, 2020, 04:22:58 AM
#26
Bitcoin transactions are public, they can be traced easily, this is what many failed to get about Bitcoin, crypto isn't invincible like many thought, even if the project isn't a centralized one once an illegal fund got transfered into the address it will get blacklisted and it will be monitored, mostly by exchanges
sr. member
Activity: 1246
Merit: 254
Trphy.io
July 15, 2020, 03:37:54 AM
#25

Of course, Fiat is in every corner of this world so I expect Fiat to be the best choice for money laundering and other illegal activities more than what we can find in crypto space crime, not everyone embrace crypto yet as we all know it, there are over billions of people who aren't using crypto yet
I think money laundering with Crypto is difficult, because the Blockchain system can be traced so that criminals have to think about what to do. Although later Crypto users are same as Fiat users, but I'm not sure money laundering will be same as in the article given by OP.
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