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

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Quote from: sheenshane on November 03, 2020, 11:31:42 AM

AFAIK, even governments have no way to trace such activity in crypto transactions if one is already made for money laundering. IF, they know how to mix their coin for harder tracing the transactions.

The government should not worry about tracing cryptocurrencies but if they are legalized and every exchanges uses mandatory KYC once you convert your coins you need to explain to the government about the source of your amount. Considering the laundering amounts are huge it is impossible to do trades outside the exchange.

Despite saying that laundering might be possible but it is hard and it is easier to do that with fiat as people are laundering fiat for a long time and anyone who are deep into the shithole of making money illegal knows how to deal with them.

sheenshane

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Quote from: meliodasgaming on November 01, 2020, 03:09:51 PM

Is it possible to do money laundering via bitcoin?

Possible, but not only with Bitcoin, but fiat can also do money laundering too. That's why a centralized exchanger implements this KYC.

We can't deny the fact that Bitcoin and other cryptocurrencies can be used for money laundering especially Monero besides, for those who really want to do this they can always find ways to succeed in their felonious act. In comparison to diamonds and golds, cryptocurrencies are more complex and anonymity is more secure in making transactions although we have KYC procedure it will still not be an obstacle for any culprit to continue using this platform for money laundering.

AFAIK, even governments have no way to trace such activity in crypto transactions if one is already made for money laundering. IF, they know how to mix their coin for harder tracing the transactions.

Jating

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Quote from: mich on November 02, 2020, 01:07:14 AM

You could maybe get a way with it but this is a dangerous route you are choosing to go with.
There are so many Bitcoin mixers I see on here and I wont tell you which to use but I believe many people use them for your idea.
Just have to be careful and not try to hide anything from the eyes in the sky.

Yes, governments are really working very hard to and try to break bitcoin's (pseudo) anonymity, so he might find success initially, but when you thought that you are free and can get away with it, suddenly the government will be hard on your trail. Monero for once with its privacy focus could be one options as well, but I'm sure we all heard about the $625k reward coming from IRS to somewhat break it as well.

Bitcoin mixers/conjoin/whirlpool could be your other options here, but it doesn't mean that you can get away with it, just saying. And how can you convert it to fiat though without going to exchange which requires KYC/AML. You can use P2P but it's not very safe as well.

Harlot

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Bro the government won't be issuing Anti-Money Laundering (AML) regulations and compliance with crypto services if people aren't doing illicit activities such as money laundering and tax evasion. If you are asking the "how" they are doing this I think it is pretty straightforward on how they have been using Bitcoin to launder their money one of their processes in making that dirty money is through mixing it for their Bitcoin to be clean. If you are thinking about laundering your dirty money then it is really a bad idea actually there is a recent case where the owner of a tumbling service got arrested because he is helping criminals to clean their money, Larry Harmon the owner of the Helix tumbler got arrested for this.

mich

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You could maybe get a way with it but this is a dangerous route you are choosing to go with.
There are so many Bitcoin mixers I see on here and I wont tell you which to use but I believe many people use them for your idea.
Just have to be careful and not try to hide anything from the eyes in the sky.

btctaipei

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Quote from: meliodasgaming on November 01, 2020, 03:09:51 PM

Hi guys ! My name’s Dave.

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?ข่าวกีฬา

Any help will be fine.
Thank you in advance.

Why don't you use fiat cash like USD for money laundering? It exists long before BTC and from what I understood you can stash it in places that are hard to find. If inflation concerns you than visit local gold coin / bar dealers with your bags of cash and have them melt down bars before you to make sure it is real. Also you have underground money remittance services, and nearly if not all works with major fiat currency such as JPY/EUR/USD.

Quote from: LeGaulois on November 01, 2020, 03:48:20 PM

In some countries, it's now very difficult to buy gold and diamonds with cash, at least anonymously. Even in Belgium and Germany, where this was the norm before. In France, the amount must not exceed 1000€ to be able to pay in cash it's a sum quickly reached for gold purchases. 2,500€/day in Belgium and 5,000€ in Germany.
I don't know about other countries but this is the trend in Europe since 2011

Because since 2011 COMEX is about to default on Gold. Banks are running dry when Jewelry / gold coin wholesale institutions takes physical deliveries. Tooks more than 3 month to find gold and to charge 15% premium for delivery.

It had all to do with physical precious metal manipulations, and had little to do with money laundering. No major news outlet would cover JPM precious metal manipulation and fines imposed by the regulators.

[moderator's note: consecutive posts merged]

LeGaulois

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I would say that Bitcoin can be used for money laundering just like fiats are currently.
But we have to admit that it's much easier considering there is no central authority, you don't rely on a 3rd party and can avoid the 'mass surveillance'... No one asks you for anything, no one can control you, no one can confiscate funds, no one can impose a limit on transactions.

Quote from: jackg on November 01, 2020, 03:12:15 PM

...

In some countries, it's now very difficult to buy gold and diamonds with cash, at least anonymously. Even in Belgium and Germany, where this was the norm before. In France, the amount must not exceed 1000€ to be able to pay in cash it's a sum quickly reached for gold purchases. 2,500€/day in Belgium and 5,000€ in Germany.
I don't know about other countries but this is the trend in Europe since 2011

jackg

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https://bit.ly/387FXHi lightning theory

That depends, I thought blood diamonds were still a thing also for storing wealth this way along with a bunch of other systems.

Bitcoin is worth very little compared to the diamond and gold industry and you can already get quite large amounts of cash across the border fairly easily afaik.

meliodasgaming

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Hi guys ! My name’s Dave.

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?ข่าวกีฬา

Any help will be fine.
Thank you in advance.

Topic: Money laundering via BTC - page 2. (Read 483 times)