Money laundering via BTC - page 6. | Bitcointalksearch.org

ningrumxxi

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Quote from: Amph on January 09, 2017, 02:10:33 AM

it is and it's the reason why the government don't like it, and why in some country it's banned, but there are way to know if your money were used for illegal activity

the so called "taunt"(if i remember correctly) bitcoin, have their value reduced this was also a problem for the bitcoin fungibility

maybe for developed countries the reason for banning bitcoin for money laundering makes no sense, but for developing countries with very many criminals, especially corruptors who have very much money, of course the ban makes sense. because to limit their illicit money escape, countries try by all means to limit their illicit money movements one way by not legalizing bitcoin, because the state cannot detect or prevent criminals from saving their money ..

little pig

newbie

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Money laundering via BTC. Yes, it is inevitable, because:
- BTC Not regulated and limited by any regulations by countries.
- Use bitcoin, transaction billion dollars no one knows!

senin

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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 the use of bitcoin, probably less than all crypto currency laundered dirty money. Recently, the European Union released information that only 0.67 percent of the cases of bitcoin were used for illegal purposes. This is due to the fact that bitcoin is only relatively anonymous. There are many crypto-currencies with a much greater degree of anonymity than bitcoin and they are used for this.

candra raditya

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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?

That is possible, because bitcoin is a freedom currency and is not regulated by the government, bitcoin can be used for good purposes and also as a medium for money laundering.

Tapyaks72

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Quote from: darkangel11 on September 03, 2018, 05:21:22 PM

Quote from: Larrycool on September 03, 2018, 03:40:44 PM

Truly, Bitcoin aids money laundery especially in developing countries. Bitcoin transaction is kept on blockchain which allowed people to traced it, the transactions are never truly anonymous. Many illegal activities going through bitcoin but the evidence still there, including money laundering. However, my concern about sites offering to mixer bitcoin, so it can't be traced right? But, I don't think those mixer sites will easily accept money laundering. That's why some countries issued regulations about bitcoin and exchanges to prevent any kind of those transaction.

What do you mean by that? It's not the purpose of mixing sites to ask for the origin of funds. M'm pretty sure that with enough effort the mixing algo could be reverse engineered, so no action that you take is untraceable. It's just that you would have to be a first class criminal for them to want to get to you this badly. They would have to invest a lot of money and time to trace coins after they've been mixed and that's why it gives additional safety and anonymity to average users like us, but I wouldn't use a mixer to hide a couple million dollar drug deal. I wouldn't choose bitcoin for that at all.

Though bitcoin is a anonymous transaction but because it is digitally transaction, there's no way it isn't traceable because there a program that can trace the origin of your transaction if your identified scammers or launder. Because of cryptocurrency currency criminality would be lessened.

darkangel11

legendary

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Don't let others control your BTC -> self custody

Quote from: Larrycool on September 03, 2018, 03:40:44 PM

Truly, Bitcoin aids money laundery especially in developing countries. Bitcoin transaction is kept on blockchain which allowed people to traced it, the transactions are never truly anonymous. Many illegal activities going through bitcoin but the evidence still there, including money laundering. However, my concern about sites offering to mixer bitcoin, so it can't be traced right? But, I don't think those mixer sites will easily accept money laundering. That's why some countries issued regulations about bitcoin and exchanges to prevent any kind of those transaction.

What do you mean by that? It's not the purpose of mixing sites to ask for the origin of funds. M'm pretty sure that with enough effort the mixing algo could be reverse engineered, so no action that you take is untraceable. It's just that you would have to be a first class criminal for them to want to get to you this badly. They would have to invest a lot of money and time to trace coins after they've been mixed and that's why it gives additional safety and anonymity to average users like us, but I wouldn't use a mixer to hide a couple million dollar drug deal. I wouldn't choose bitcoin for that at all.

Larrycool

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Truly, Bitcoin aids money laundery especially in developing countries. Bitcoin transaction is kept on blockchain which allowed people to traced it, the transactions are never truly anonymous. Many illegal activities going through bitcoin but the evidence still there, including money laundering. However, my concern about sites offering to mixer bitcoin, so it can't be traced right? But, I don't think those mixer sites will easily accept money laundering. That's why some countries issued regulations about bitcoin and exchanges to prevent any kind of those transaction.

cetald

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The presence of bitcoins in a person can be checked if this person is of some interest to the inspection bodies. Relevant authorities can identify everything, including the presence of bitcoins.

Pattart

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Quote from: cryptokingmaker on August 25, 2018, 01:56:03 AM

As long as Government official didn't find the route it is possible but once they start finding the route it is impossible to do money laundering through Blockchain. We can easily trace the transaction for which ID and to which address he sent can be traced easily.

Transaction on blockchain is transparent so that anyone can track and view transactions on the network, but can the government
know who owns that address? of course not, because anonymity is on the cryptocurrency so this will be difficult to trace..

Ms.Anna

newbie

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Open a company that takes bitcoin, and buy from yourself, getting legitimate income from your store.

Entratish

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It is very much possible to do money laundering and lot's people already doing and earning money. Tongue

Aramazdi

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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

the cryptocurrency feature is very numerous, one of which is about very high confidentiality, and it will be a very attractive choice for criminals to commit illegal money laundering, so there are still many countries that reject bitcoin as a legitimate medium of exchange, because there are still many corruptors in developing countries that have the potential to use bitcoin for money from robbery

perhaps in the future the identity of bitcoin users must be detected to prevent misuse of bitcoin currency so that it does not become one of the supporting facilities for criminals.

CoinEraser

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Quote from: Andrew S on August 24, 2018, 02:34:39 AM

Can someone and conducts such operations, but for what purpose are the money brought in and we do not know, because everything is anonymous.

Apparently many people forget that Bitcoin is only semi-anonymous. Of course, if a normal mortal looks into the blockexplorer, it won't be able to recognize much, but there are already companies that analyze the Bitcoin blockchain and they can already tell quite well how which Bitcoins are used for what. People who want to use Bitcoin for money laundering seem to forget that. Of course there are such cases, but i wouldn't use bitcoin for such things. Sooner or later the goverment will be able to retrace what the Bitcoins were used for. Wink

Kris34

newbie

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If you take into account the fact that you never know who invested and withdrew, then to some extent you can conduct money laundering.

cryptokingmaker

newbie

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As long as Government official didn't find the route it is possible but once they start finding the route it is impossible to do money laundering through Blockchain. We can easily trace the transaction for which ID and to which address he sent can be traced easily.

Andrew S

newbie

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Can someone and conducts such operations, but for what purpose are the money brought in and we do not know, because everything is anonymous.

KorakPawon

member

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this might happen, because bitcoin digital currency has the potential for money laundering, but we should not be too worried because in order to overcome it, PPATK has been established which monitors digital money transactions, one of them is bitcoin. In addition, PPATK is also drafting regulations to be able to oversee the use of digital currencies.

https://nasional.kompas.com/read/2017/12/19/19390561/ppatk-pantau-transaksi-bitcoin- because money-laun

katerinaliisa

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The market of darknet is the main source of funds sent to conversion services for laundering. The number of illegal services that could become a source of "dirty bitcoins" increased fivefold between 2013 and 2016. Sources of illegal funds entering the conversion services are quite centralized.

NavI_027

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

Is it possible to do money laundering via bitcoin?

Yup! Sad to say, technological breakthrough are now used by evil ones to have a smoother and more efficient way of scamming people. Here is an example which recently happened in our country: http://cnnphilippines.com/news/2018/04/10/bitcoin-scam-pnp.html . We, good crypto investors, are just lucky since our government didn't pass a strict regulation or even a ban as a form of precaution after this happened. I hope this kind of things will not happen again because I'm really threatened 'til now Sad

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GhostWithin

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Quote from: time2.coffee on August 14, 2018, 02:26:30 PM

Quote from: qiwoman2 on January 09, 2017, 01:45:09 AM

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.

some of the governments already make efforts to put btc into law field. I wander how will situation maintain by the end of the year.

In Russia government just speaks about it, there are real actions, but they are insignificant. The State Duma once again moved the consideration of draft laws. There is no certainty in China. The Chinese government banned crypto at the end of 2017, but now they are thinking about legalizing cryptocurrency

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