Money laundering via BTC - page 2. | Bitcointalksearch.org

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

Quote from: 7788bitcoin on May 21, 2020, 06:52:00 PM

Quote from: Natalim on April 29, 2020, 06:28:42 AM

Quote from: nomenclatur on April 29, 2020, 04:40:28 AM

money laundering is not allowed the government for fear of money from illegal proceeds obtained from a criminal............

you need to fully understand what is money laundering,.. it is an act to wash money from illegal activities, so that is clearly illegal.
Most countries have use a standard money laundering producer, that is why it's hard to launder money if you use bank as most bank are reporting to the AMLC.

Offshore shell companies and banking accounts are used mainly to overcome the restrictions by criminals and it is not a secret and it is difficult to identify everything by any government and if it was a easy job to shut down the trillion dollar underground economy the government would have already done that. Major criminal networks will have ties with the government in some third world country and they can wash the currencies easily and return back to their country.

That's another way, and we can say that there is no policy that could completely eliminate this illegal activities but at least this is created to minimize the money laundering act. If only all the banks in the world would comply with the same standards of AMLC law, I think they will win in this battle, crimes will be minimize.

tourist2079

jr. member

Activity: 151

Merit: 1

I have heard that OTC brokers are used to launder money. These brokers are affiliated with exchanges, but operate independently of them and serve clients who want to sell a large amount of cryptocurrency at one time. They have minimal client identification requirements and will first sell your bitcoins for USDT and then in fiat. They say that the volume of OTC trading is huge and can be more than legal

Ziskinberg

hero member

Activity: 3010

Merit: 666

Quote from: Anish_Rocky on May 26, 2020, 01:22:27 AM

I found this on internet about money laundering with bitcoins.

https://www.elliptic.co/our-thinking/bitcoin-money-laundering

Taken from the article or link you put, here's a simple picture on how money laundering is done in crypto.

All we see above might either be ban or regulated in the future as the government are really strong in implementing the anti money laundering act.
Personally, I'm guilty of using Tumblers and gambling sites, but not for the intention to launder money, just to keep my privacy.

vaultman

copper member

Activity: 493

Merit: 170

BountyMarketCap

No one knows who is the owner of these sites. Perhaps they belong to the government of any country and then everything becomes clear

Anish_Rocky

copper member

Activity: 58

Merit: 5

I found this on internet about money laundering with bitcoins.

https://www.elliptic.co/our-thinking/bitcoin-money-laundering

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Quote from: Natalim on April 29, 2020, 06:28:42 AM

Quote from: nomenclatur on April 29, 2020, 04:40:28 AM

money laundering is not allowed the government for fear of money from illegal proceeds obtained from a criminal............

you need to fully understand what is money laundering,.. it is an act to wash money from illegal activities, so that is clearly illegal.
Most countries have use a standard money laundering producer, that is why it's hard to launder money if you use bank as most bank are reporting to the AMLC.

Offshore shell companies and banking accounts are used mainly to overcome the restrictions by criminals and it is not a secret and it is difficult to identify everything by any government and if it was a easy job to shut down the trillion dollar underground economy the government would have already done that. Major criminal networks will have ties with the government in some third world country and they can wash the currencies easily and return back to their country.

suvo05

sr. member

Activity: 1162

Merit: 260

Governments are using the cryptography research teams to track the BTC transaction, so Govs are very much aware of this and trying to stop money laundering through BTC.

Salamstar

sr. member

Activity: 534

Merit: 295

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Certainly, this is possible. Whenever a person can, at any time, buy large assets without any records documenting purchases and without any monitoring body being able to follow up and know their identity, it becomes as easy as opening a channel to invest the proceeds of criminal operations without too much fear that the matter will be discovered .

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

Quote from: nomenclatur on April 29, 2020, 04:40:28 AM

money laundering is not allowed the government for fear of money from illegal proceeds obtained from a criminal............

you need to fully understand what is money laundering,.. it is an act to wash money from illegal activities, so that is clearly illegal.
Most countries have use a standard money laundering producer, that is why it's hard to launder money if you use bank as most bank are reporting to the AMLC.

nomenclatur

sr. member

Activity: 1344

Merit: 250

Quote from: Flor1982 on October 07, 2019, 03:24:20 AM

Money laundering is the main reason of why some governments would not accept Bitcoin in their country. Even do there is regulation which is the way to counter this money laudering activities still some government would not adopt the investment which i wonder why.

all countries have different regulations as the rule of law can not be disturbed or under state, regulation is an absolute can not be changed by the government only in the country itself can change the rules themselves. money laundering is not allowed the government for fear of money from illegal proceeds obtained from a criminal and whom they buy bitcoin to hide their money very prohibit governments in many countries are not allowed.

kingpsj

newbie

Activity: 1

Merit: 0

you are right in a way, but also its very easy to track money laundering via bitcoin because of amazing blockchain technology. They are many firms like chain analysis who are actually working with many govt agencies throughout the world to track activities on Blockchain. Also, because of strict compliances almost 99% of the platforms are following KYC/AML norms very strictly hence even to buy 0.01 BTC you might be required to do all KYC's.

Also, sine regulators are on mass surveillance they are already aware of Exchanges addresses, so here using blockchain they can completely get to the root and connect dots very easily. Plus all platforms record your IP and other stuffs, so be careful and dont use BTC for any wrong purpose. It is also the entire community at stake like the saying goes " One bad fish spoils all".

Meowth05

sr. member

Activity: 854

Merit: 267

★777Coin.com★ Fun BTC Casino!

Quote from: Soros Shorts on January 09, 2017, 12:53:19 AM

Of course it is possible to launder money via Bitcoin. Otherwise, Bitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency. Grin

I agree with what he/she says but I think the reason that people choose to launder dirty money in bitcoin is because it is safer and almost all transactions are anonymous. Maybe the big similarity of fiat and bitcoin when it comes to laundering money is the process where you can only launder a small amount of money so that it doesn't make that much attention.

USBitcoinServices.Com

sr. member

Activity: 1666

Merit: 267

Earn bitcoins every hour, link below at signature.

Quote from: Botnake on January 28, 2020, 07:40:55 AM

Quote from: Cimmy_revenger on January 28, 2020, 07:15:49 AM

it is possible to launder money using bitcoin, the simplest thing to break up bitcoin in some exchangers without the need for KYC.
and from the exchanger it is withdrawn with other cryto assets.

You'll be trace because exchanges uses only few wallets although with difference address per user.
If that exchange is regulated by the government, they can require the exchange to give information if the AMLC will conduct an investigation on the certain address being use for suspected money laundering, the best way to do it is through mixers, they are not regulated so it will be hard to trace the money once its on the mixers already.

In that case, many people will opt to use privacy coins, many of them have mixer features and are untraceable. On the other hand, privacy is a right, even the congressman mentioned how the USA will be to protect citizens from prying eyes when doing crypto tx and he referred to the idea that privacy coins are going to be needed, unlike China, they have a different market, who knows what will happen with their new CDDC.

Botnake

hero member

Activity: 2856

Merit: 667

Quote from: Cimmy_revenger on January 28, 2020, 07:15:49 AM

it is possible to launder money using bitcoin, the simplest thing to break up bitcoin in some exchangers without the need for KYC.
and from the exchanger it is withdrawn with other cryto assets.

You'll be trace because exchanges uses only few wallets although with difference address per user.
If that exchange is regulated by the government, they can require the exchange to give information if the AMLC will conduct an investigation on the certain address being use for suspected money laundering, the best way to do it is through mixers, they are not regulated so it will be hard to trace the money once its on the mixers already.

Cimmy_revenger

sr. member

Activity: 1106

Merit: 252

Dextrust.org #Defi

it is possible to launder money using bitcoin, the simplest thing to break up bitcoin in some exchangers without the need for KYC.
and from the exchanger it is withdrawn with other cryto assets.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: USBitcoinServices.Com on January 27, 2020, 08:05:47 PM

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

With bitcoin, anyone can see the transactions of btc accounts, but with ONION, they have deepsend a feature that will me your tx untraceable! Currently, bad people can use cash to do whatever they want, but with crypto people could do the same, so crypto is at least better than FIAT when it comes to blockchain, no more power goes to central gangsters!

Government has no control on decentralized coins, more on the anonymous coins.
Money launder however will still use exchange to convert their coins into fiat, that's where the government will enter, they require the exchange to comply with the regulation they set, so no person that will not be trace once he used an exchange and even DEX now are targeted by the government.

one example is Binance DEX is not totally DEX.

USBitcoinServices.Com

sr. member

Activity: 1666

Merit: 267

Earn bitcoins every hour, link below at signature.

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

With bitcoin, anyone can see the transactions of btc accounts, but with ONION, they have deepsend a feature that will me your tx untraceable! Currently, bad people can use cash to do whatever they want, but with crypto people could do the same, so crypto is at least better than FIAT when it comes to blockchain, no more power goes to central gangsters!

tracey77

newbie

Activity: 39

Merit: 0

People believed that they could launder dirty money with bitcoin by being anonymous. But it's only an apparent anonymity. The truth is that nothing gets lost on the internet and you can find every transaction and link it to the user. Anyone who commits a robbery should be punished. Companies that deal with AML and KYC procedures come to the aid. For example Coinfirm. Company that gained publicity through business partnerships with the biggest giants like Binance, Kroll, Coindeal, RSK, XAPO, Government of Gibraltar, Cointelligence.

If you are interested in what they do, you can find more information on their website: https://www.coinfirm.com/

zahed

full member

Activity: 344

Merit: 107

Quote from: zee11225 on July 22, 2019, 08:10:55 AM

Quote from: Victorycoin on June 23, 2019, 05:42:59 AM

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

Bitcoin being a place for money laundering makes perfect sense because of anonymous factors. But in my opinion the percentage is not big because right now bitcoin has become a place of speculation for big capital owners because the price is fluctuating, so large investors can enjoy large profits in a short time.
Certainly different from general money laundering places such as banks, gold investment or buying property, of course the price continues to rise even though it is not as fast and as high as biotcoin. If bitcoin becomes a place for money laundering it is certainly very risky, because if the price goes down the money from the crime will decrease in value.

There are many ways to money laundering likes you say about gold or property investment which is physical investment that's the big risky from Bitcoin. Because BTC is anonymous and it's not traceable by government but gold or property is visible. BTC is the best and safest way to money transfer in another countries.

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

Quote from: bitbrawlers on October 28, 2019, 02:50:03 AM

Quote from: nrnahid on October 09, 2019, 12:48:11 PM

Bitcoin is many places is not considered a currency or money but is called a virtual service, so in some places, it's just considered as a commodity rather than as a currency. Of course I am sure governments will try to regulate and control if they see too much money is being drained from their country.

Yes this is absolutely true. However it will be difficult to regulate BTC since it can be stored locally on your device. They can only make the fiat to BTC on ramps ("centralized exchanges") more difficult to access by requiring KYC, though this simply results in decentralized services like bisq becoming more popular since it allows converting fiat to BTC with no ID.

To regulate BTC, they need to regulate the channels where people are trading it for fiat.
They can't have a complete control since bitcoin is design to be a decentralized currency which those who holds it will have total control of their assets.

We might not like the idea of it to be regulated or control but since holding bitcoin is a high risk, the only answer I see is only regulation.

Topic: Money laundering via BTC - page 2. (Read 39389 times)