Cryptocurrencies

Cryptocurrencies are used to launder 3-4% of dirty money – Europol

According to Europol data, from three to four billion British pounds out of 100 billion illegally obtained money is laundered through cryptocurrencies.

“These are not banks, they are not run by central authorities, so the police cannot track these transactions. Even if they determine that the transactions are criminal in nature, they cannot freeze assets, unlike the traditional banking system, ”explained Europol Director Rob Wainwright in a conversation with the BBC.

Cryptocurrencies are used to launder 3-4% of dirty money – Europol

Despite all measures taken to combat money laundering through cryptocurrencies, in including in Europe, the possibilities of service in this direction are still significantly limited.

“In most cases it is very difficult for the police to determine who is withdrawing this money. They must act responsibly and cooperate with us when we investigate large-scale crimes. I think they should take responsibility for dealing with virtual currencies, ”added Wainwright..

Although the disclosure of crimes related to the transfer of bitcoin transactions, may be not an easy task, especially when compared to the cases when money transactions are made using ordinary bank accounts, they cannot be compared to the crimes committed using cryptocurrencies such as Monero or Zcash. The algorithms of these cryptocurrencies significantly complicate the task of law enforcement officers to identify the sender or recipient of a transaction..

Wainwright knows this. Earlier this year, he posted a tweet warning his colleagues that criminals are ditching bitcoin in favor of cryptocurrencies that offer a higher degree of anonymity..

Cryptocurrencies are used to launder 3-4% of dirty money - Europol

Although the amount of funds laundered with cryptocurrencies is still small, this value is growing rapidly. In most cases, Wainwright says, the authorities can only shrug their shoulders, having no ready solutions for fight this problem.

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