Topic: Money Laundering started with banks not bitcoins. - page 2. (Read 952 times)

It is kinda debatable to legalize crypto payments with matching incoming transactions vs the outgoing transactions. I hope governments will find their way to stop money laundering with traditional methods but the case is a bit different with cryprtocurrrncies. Crypto is the way of buying value like all other currencies. So no need to blame crypto community with weak arguments.

People that stole huge amount of money are always not to patient in getting their money to another country by exchange it to crypto. For instance in Africa where cases of public fund looting is very common, for all the detected and reported cases, how many time have you heard that they conceal the money by changing it to crypto. All of them are always through banks and some other financial institution where they are being convey to another country. When you hear anything related to anonymity in crypto, the first thing that will come to your mind is ability to access things that you do not have access to before and this is exactly reason why so much people believe that crypto can be use for money laundering despite the fact that there has been little reported case compare to money laundering through banks.

It is very funny anytime I hear story about crypto being used for money laundering. The fact still remain that most people that are always involve in money laundering are people who looted and still from public treasury. Many of this people have little or no knowledge about crypto and even if they do, only few of them will want to exchange fiat for crypto in order to launder. In my country politician who stole from public funds engage in money laundering by bribing to financial companies that help them convey the money to other banks. some of them even disguide in order to hide their identity in case they are caught.

Most of the money laundering around the world is going through banks and not through bitcoin so that is not true, if anything the only thing that bitcoin changed is that now what was a right of the powerful and the rich is now available to everyone thanks to bitcoin, at least now everyone is playing by the same rules instead of having a set of rules for the poor and another for the rich.

Yes, even long before bitcoin there was a problem that had occurred in the bank and again nowadays many elite people like the government do not support bitcoin, then how can bitcoin be used for these activities which basically they don't even use bitcoin.

       Terrorists are already exist long time ago before crypto currency was introduced and they always find a way to get their financial support and some of these are came from the bank , like this news pasting above .
        In some other cases that there are few banking institution are starting to accept crypto currency and wants to integrate to a traditional banking system , so it seems they absorb their own thought .

I don't even know where and how that ideology came up that Bitcoin is used to launder money, involved in drug trafficking and terrorism funding - these are the claims of the governments and banks against Bitcoin. But the question is, were there no money laundering, drug trafficking and terrorism funding issues before the creation of Bitcoin?
Let's stay focus and keep promoting crypto, the governments have their own ulterior motive behind these claims.

Yeah money laundering already existed before Bitcoin was born. so it's very wrong to mention laundering is due to the existence of bitcoin. but I also admit that bitcoin is very supportive of being used for money laundering. but what starts off is certainly not bitcoin

I think the money laundering will evolve from traditional way into digital way because from day by day, the technology grows and gives support too. But yes, money laundering started from the banks because the banks were the first financial system people used. We see and hear from many news about money laundering in many countries, and I guess that people who get involved in the money laundering will start to think about using bitcoin for another way to still doing money laundering

I did not think there was a need to prove that Bitcoin was not  the source of money laundering as it existed way before Bitcoin. There will be money laundering as long as there is a financial system.

thank you for the information, in my opinion, money laundering always happens in every currency, fiat or digital.

and that's part of a big threat that can affect the value of a currency, and can also harm everyone.

until today we cannot make preventive actions, except just making regulations.

The money was start in fiat and it produced by the banks and banks exist before the bitcoin so it means banks was who start money laundering not in bitcoin and I think bitcoin is not a money laundering you cannot borrow money ni bitcoin but you should buy and trade and invest you money for you to earn bitcoin.

Banks have been involved in money laundering long before crypto was even invented. Right now they launder more that bitcoin, because even if a bitcoin is laundered they will cash out at a bank anyway

Associating Money Laundering to bitcoin is not only misleading but very unfortunate. All over the world financial institutions; especially, commercial banks have been long known as agents that have in their usual quest to make huge profits facilitated money laundering and its related illegal activities.

The most hit by this scourge appears to be the countries in Africa were it is still difficult to track and limit this illegal activities of banks. As noted by the BBC (2018) via this link (https://www.bbc.com/news/world-africa-39695637); in February 2017 alone $9.2m as well as  £750,000 were discovered in a private property belonging to a former government agency director by the Nigerian Anti corruption agency.

Also, in March of same year, large sacks of bank notes were discovered, to the tone of an amount totaling  $155,000 were discovered in the city of Kaduna airport still in the same country.


The next month (April)  a stash containing $43.4m, £27,800 and 23.2m naira were found  in a Lagos apartment with its owner yet to be identified yet in the same country.
The BBC concluded noting that all these sums of laundered money were just a tip of the iceberg.
This is just for a country were majority of her population live below one dollar per day.

A common denominator among almost all nations in this cause is that the participants are mostly elites who in company of top managers in banks facilitate MONEY LAUNDERING.

In just a few years, bitcoin has enhanced transparency, rewarded descent hard-work and facilitated efficiency in promoting exchange. The banks are only scared that in a couple of years they may not be relevant, this informs their mission of misinformation regarding bitcoin.

this is a world of competition, where all of them drop each other to be the best. maybe the bank wants the people to only trust them, namely the bank to keep using their currency and save it there so the bank wants to eliminate bitcoin. I think bitcoin is also prone to crime if that person doesn't know how to secure it.

I agreed with what you said because money laundering is not something that start this days, it something which have been happening right from the time when gold was used as money and for the government to say bitcoin help money laundering is just one of their excuse in other to control bitcoin. However, if bitcoin does help money laundering how did fish out those that used bitcoin for illegal activities and it because every transaction on the bitcoin network can still be monitor through the blockchain.

they are only the government and they will not understand about Blockchain and how transparent the concepts offered by Blockchain technology are. money laundering has existed long before Bitcoin appeared, but why should Bitcoin be blamed, the government should be grateful for the emergence of Bitcoin with its blockchain technology...

Money was laundered always and everywhere and this does not mean that bitcoin was created for this ! According to statistics, bitcoin has minimal relation to criminal organizations !

Let's make it clear. The term money laundering is being abused by people who have little or no understanding of what it means. Every time we hear about it we think of criminals, drug and arms dealers, terrorists. Money laundering is in fact hiding the money flow from the watchful eye of the government. They'd like to know everything about your activities and when you're hiding, you're most likely laundering. This is how they see it and how we, crypto users, should not see it.
Let's face it, hiding the origin of money is in our best interest. It shouldn't be a crime!

I can bet it even started long before formal banking began. We can trace it down to the cowrie era. That is the way with anything that can be exchanged. What differs is the expertise and technology that have gone into the money laundering thing now. The master thievery of those who launder money is something else.