Money laundering cases are becoming a major threat on a global scale. The United States (US) Department of the Treasury recently revealed in its 2024 National Risk Assessment Report that although digital assets are increasingly becoming a threat, cash is still the primary tool used for money laundering.
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Digital Assets Save the Risk of Money Laundering
While fiat currencies , such as banknotes and coins, remain the preferred choice, digital assets pose a growing risk of money laundering.
The report highlights that illicit actors tend to use fiat currencies for their money laundering activities, using conventional methods such as banking and money transfer institutions. However, with the development of technology, especially in the financial sector, digital assets have become a major concern as a means of carrying out illegal acts.
Widespread Fraud Methods
According to the 2024 National Money Laundering Risk Assessment Report , fraud remains the main driver of money laundering activities. Investment fraud and healthcare fraud are common methods.
Not only that, new types of fraud involving technology, such as virtual asset investment fraud and telemedicine, have also experienced a significant increase.
In this context, terrorists are also increasingly adopting virtual assets as a funding tool. The 2024 National Terrorist Financing Risk Report notes that groups such as ISIS and Hamas are starting to use virtual assets to fund their operations.
US lawmakers are increasingly concerned about crypto's involvement in illicit finance, and this has become a topic under the spotlight in recent months.
Is Crypto a Safe Way to Make Money Laundering Easier?
The report states that “the most common financial connections between individuals in the United States and foreign terrorist groups involve individuals directly soliciting funds for or attempting to send funds to foreign terrorist groups using cash, registered financial services businesses, or in some cases, virtual assets ."
The US House of Representatives Financial Services Committee hearing last November also discussed the role of crypto in illicit finance, including the threat of money laundering.
Witnesses, including Jonathan Levin of Chainalysis and Jane Khodarkovsky of Arktouros, underscored the importance of considering privacy protections and blockchain transparency in addressing these issues.
In response to the increasingly complex threat of illicit finance, the US Treasury Department will release their annual strategy to combat illicit finance in the coming weeks.
The strategy is expected to include recommendations to address identified issues, including the role of digital assets in money laundering and terrorist financing.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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