Widening Russia Money Laundering Scandal Hits European Banks

alyssa85

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Quote from: Hydrogen on March 14, 2019, 08:50:34 AM

I can only imagine how excited Jamie Dimon would be if all of this laundering had been done via bitcoin/crypto rather than our glorious and infallible banking institutions, which we all know are immune to money laundering due to them being "regulated".

I wouldn't be surprised if somewhere along the line Goldman, JP Morgan and others were middlemen/facilitators of this. They have form for being the middlemen in all number of dodgy schemes. When they protest about bitcoin, they protest too much.

el kaka22

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It would be stupid to think all these banks that could benefit from these type of money laundering schemes in millions (even billions) would decline the chance for it. I mean I am not going to lie if I was offered that much money to launder and I knew how to than I would have done the same as well.

These are not small amounts we are talking about, these are the type of money that would make a small time bank into a world global power, swedbank is big and all but its nowhere near banks like BAC or Deutsche and if they are doing that as well than swedbank has to follow in order to not be swallowed whole by the bigger banks. I would say its unfortunate that this is happening but I also kind of understand why it is happening at the same time as well, makes total sense why they would agree to do it.

vit05

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At some point, Putin will be considered one of the most successful thieves in history. It is impossible to have the dimension of the wealth that he has accumulated. And I do not think Bitcoin will be the solution to this problem. Nor will be more harmful.

Hiding money is not the hardest. Changing its origin is what it is. Money stained with blood, oil or cocaine will never be clean.

shinharu10282016

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Bitcoin isn't immune from money laundering. In fact NK has done so much money laundering through it (read it somewhere). We all know money laundering is treated as a crime. Either be thru bitcoin or traditional banks, money laundering is money laundering. Considering it can fund a big nuclear bomb that can destroy the earth, and other kind of fatalities or disasters, money laundering is a crime.

We might as well look into country's politicians since many are hiding money laundered in offshore accounts.

sheenshane

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I don't know what would I think and react about this. This is very nonsense. Before all, before central banks and commercial banks, there was always money or should I say wealth^ laundering. Honestly, everything about laundering happens with banks itself and not cryptocurrency. If a person is an illegal doer then options are always there.

The Organized Crime and Corruption Reporting Project should also focus on the oligarch. However, since the people who do laundering are the people tagged as oligarchies, it is really impossible to stop them. Like how? They are so much influential and powerful to be against.
Let's stop this drama.

Pab

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Netherlands is now one big ML industry
It is not accidental that Putin daughter is living there
There is possible to open offshore on P.O Box even
Cyprus belongs to Russia in fact .Belize is yet another place
Everybody know everything but who care it is the most profitable banks business
In a case there is always possible to make noise about bitcoin ML

traderethereum

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Quote from: BitHodler on April 15, 2019, 04:06:14 AM

Quote from: traderethereum on April 15, 2019, 03:00:25 AM

Dollars being laundered for a long time ago. I think it's not only dollars that being laundered but the other local fiat was also had the same things in every country. I think bitcoin is also being laundering in many ways too because we don't know for every transaction was made, and we only know when we check on the blockchain.

Everything that's useful is being utilized by criminals to have it work in their favor, so Bitcoin being part of their toolset is not surprising here. I do however see Bitcoin's popularity as criminal tool decline steadily.

It really seems that the privacy coins such as XMR and ZCash have picked up in actual use because of that, and let's be honest here, these coins do serve a useful utility. People call them shitcoins, but they really aren't.

I don't surprise if the good things being used for the bad things, and I think it's already happening for a long time ago. When there is a chance for the bad guys to use the good things, then they will still use it until they get arrested Grin

I like XMR and ZCash although I don't know much about them and I don't call both coins as a shitcoins Grin

But yes, they are very useful for us especially if the coin can bring me more profit Grin

Quote from: BitHodler on April 15, 2019, 04:06:14 AM

Quote from: traderethereum on April 15, 2019, 03:00:25 AM

Sometimes the amount of bitcoin in the blockchain is too big for us, and we could only guess without knowing the truth.

So? The amounts people transact with are not an indication of fraudulent activity. Most of the large amounts moving back and forth are OTC trades focusing on speculation.

Yes, I agree. We still don't know the purposes behind that transaction because we don't know who is the sender and the receiver. But I think other people also use that large amounts besides of OTC trades.

jjjfff

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There are more than U$ 300 trillion in debt today.

Let that sink in for a moment.

Million, billion.....trillion. 300 trillion in debt.

That is 100% lost money! It'll never get paid. No country can afford to pay that, US and EU economies together can't pay that in a 50 years if they started cutting debt today.

The whole system is collapsing right before our eyes.

Beerwizzard

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All those news about Russian money laundering is a completely political question. If some countries like UK are creating an attractive environment for storing money there or open a business with low taxes. They don't really care where those money came from and tbh no one have any permissions to request russian state bodies to provide AML insight information. And then, when the witch hunt begins, everyone is so surprised with the current situation.

BitHodler

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Quote from: traderethereum on April 15, 2019, 03:00:25 AM

Dollars being laundered for a long time ago. I think it's not only dollars that being laundered but the other local fiat was also had the same things in every country. I think bitcoin is also being laundering in many ways too because we don't know for every transaction was made, and we only know when we check on the blockchain.

Everything that's useful is being utilized by criminals to have it work in their favor, so Bitcoin being part of their toolset is not surprising here. I do however see Bitcoin's popularity as criminal tool decline steadily.

It really seems that the privacy coins such as XMR and ZCash have picked up in actual use because of that, and let's be honest here, these coins do serve a useful utility. People call them shitcoins, but they really aren't.

Quote from: traderethereum on April 15, 2019, 03:00:25 AM

Sometimes the amount of bitcoin in the blockchain is too big for us, and we could only guess without knowing the truth.

So? The amounts people transact with are not an indication of fraudulent activity. Most of the large amounts moving back and forth are OTC trades focusing on speculation.

niteroy

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Banks have always been involved in different money laundering schemes and they continue to use different loopholes in the law for money laundering. All this is due to the greed of bankers, who will always have little of the money they earn. Moreover, the money laundering scheme of Russian dirty money through banks in Lithuania and Estonia is quite old. In the case of Bitcoin, all transactions would be recorded and it would be easier to detect abuse, so governments are in no hurry to accept Bitcoin.

traderethereum

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Quote from: Crypdon on March 15, 2019, 08:03:03 PM

Billions of dollars being laundered by the banks is no longer big news, it is something that has been going on since banks were built. Bitcoin laundering is just a fart in a hurricane compared to this

You are right sir. Dollars being laundered for a long time ago. I think it's not only dollars that being laundered but the other local fiat was also had the same things in every country. I think bitcoin is also being laundering in many ways too because we don't know for every transaction was made, and we only know when we check on the blockchain. Sometimes the amount of bitcoin in the blockchain is too big for us, and we could only guess without knowing the truth.

timerland

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Quote

I can only imagine how excited Jamie Dimon would be if all of this laundering had been done via bitcoin/crypto rather than our glorious and infallible banking institutions, which we all know are immune to money laundering due to them being "regulated".

If there's any contribution to society blockchain could make, it could be in the form of mandated public ledgers where all transactions are public knowledge and open to scrutiny. I have a faint feeling teenagers living in their parent's basements could do a better job identifying illicit transactions on a public ledger than federal regulators do with existing private databases.

Perhaps our next generation of payment processing software could link digital transactions to social media for purposes of comparison shopping on a public ledger utilizing a blockchain. That could raise the difficulty level for attempts at electronic money laundering. It could be an irrelevent point given how laundering may best be performed in a cash or precious metals format, leaving behind no paper or digital trail for investigators to follow.

You're spot on with this.

The fact is that there are certain people out there that are paranoid about bitcoin being used for illicit activities or whatnot, but in reality, you've got entire networks of rogue banks around the world that facilitate this on a scale that is simply incomparable. A part of this in my opinion is caused by the media attributing certain crimes/frauds onto bitcoin itself, which is simply a currency.

The best part of it all is that probably nothing will happen to these banks, because they most likely have huge amounts of influence over regulators and the government. Roll Eyes

hatshepsut93

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Quote from: dothebeats on March 14, 2019, 10:33:09 AM

This just goes to show how easy it is for banking institutions to launder money without hitting some obvious red flags and still getting that great treatment from the government. I don't know why banks are only getting fined if they got caught facilitating money laundering and fraudulent schemes on their platforms, but when it comes to exchange operators and traders, it's almost immediate time behind bars and immediate closure and revocation of operating license in most countries. It should be the same for any institution that handles money!

I think the two main reasons are corruption and the idea that some banks are too big to fail, so the government is afraid to punish them because it will hurt the economy. Or maybe european governments are ok with Russians laundering their money, because they only imposed sanctions to look like they've done something.

hxtop

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As we usulally said, criminals don't need to crypto currencies in order to money launderind. because they have many ways in traditional banking system. It is not so difficult for them. Bitcoin is a place for investors and people who believe this technology.

Ailmand

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I have heard about this news and it's very controversial though we can't deny the fact that no matter how big the banks are, there's always a big chance that it will get involved in fraud and laundering. I guess there is someone from the government who has connections with banks in there and that's something serious and they should investigate it. In the end, I'm sure that the blame would still go on bitcoin especially for those who don't have enough knowledge about the blockchain technology.

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Quote from: Crypdon on March 15, 2019, 08:03:03 PM

Billions of dollars being laundered by the banks is no longer big news, it is something that has been going on since banks were built. Bitcoin laundering is just a fart in a hurricane compared to this

That's because those billions of dollars are money stolen by the governments and then laundered by banks which seem to have protection over this. The whole system is corrupt in most countries and people have no power over this since governments control everything. With this kind of news, regarding money laundering via bitcoin they are trying to create a bad reputation for bitcoin in order for people to stop using it.

Crypdon

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Billions of dollars being laundered by the banks is no longer big news, it is something that has been going on since banks were built. Bitcoin laundering is just a fart in a hurricane compared to this

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Quote from: dothebeats on March 14, 2019, 10:33:09 AM

This just goes to show how easy it is for banking institutions to launder money without hitting some obvious red flags and still getting that great treatment from the government. I don't know why banks are only getting fined if they got caught facilitating money laundering and fraudulent schemes on their platforms, but when it comes to exchange operators and traders, it's almost immediate time behind bars and immediate closure and revocation of operating license in most countries. It should be the same for any institution that handles money!

Because it costs them less to pay a fine instead to go to a justice court (even to be sentenced to $0). It is even a common procedure in some countries, and also often an agreement between both parties. It's a matter of reputation the lawyers are generally defending.

Quote

If there's any contribution to society blockchain could make, it could be in the form of mandated public ledgers where all transactions are public knowledge and open to scrutiny.

It's something that could be started with the taxes funds for example. We could check how our money is used (infrastructures, education, health,...) But from a bank, a mandated public ledger could be difficult to implement for multiple reasons, on the top f that they could always mix the bitcoins, who knows maybe banks like HSBC will use ChipMixer

dothebeats

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This just goes to show how easy it is for banking institutions to launder money without hitting some obvious red flags and still getting that great treatment from the government. I don't know why banks are only getting fined if they got caught facilitating money laundering and fraudulent schemes on their platforms, but when it comes to exchange operators and traders, it's almost immediate time behind bars and immediate closure and revocation of operating license in most countries. It should be the same for any institution that handles money!

Topic: Widening Russia Money Laundering Scandal Hits European Banks (Read 305 times)