Financial institutions are saying crypto currencies often get a bad for being associated with drugs, terrorism and money laundering.

Bloomberg recently created financial scams in the past decade. The list mentioned world top banks names

“JP Morgan Chase, City Group, ING, HSBC, Commerz bank, Deutsche Bank, Danske Bank, Standard Chartered, Commonwealth Bank of Australia, 1MDB and others.”

The list had nothing related to cryptocurrencies.

“Both money laundering & the prevention of it are big business. Around 2-5 percent of worldwide GDP ($2 trillion) is laundered globally every year”- according to estimates from the United Nations Office on Drugs and Crime.

All confirmed by a recent report that states that “shady transactions involving drugs and crimes account for as high as $2 trillion a year.”

There are a number of ways that criminals are engage in financial crime.

They use technology to control funnel and mule accounts, depositing money in one country and withdrawing it moments later in another.

The above all information managed by world top banks.

A recent report tracking the circulation of money within the bitcoin economy from 2013 to 2016 concluded that less than 1% of bitcoin transactions stemmed from coins of illicit origin.

In comparison to its estimated that between 2% and 5% of global GDP – or $800 billion to $2 trillion – in U.S. dollars is laundered annually.

Crypto currency are harder to launder at scale, but its prevalence is significantly lower than fiat currency. Just don’t expect your government to tell you that.

 

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