Can anti-money laundering effectively stop crime leveraging cryptocurrency

[Emmy]

There's no other way to prevent money laundering than to allow users of crypto to put in their personal information or details. I'm definitely sure that this would prevent scam in this business.

 

[Bookwormlux]

People will always find loopholes, no matter what kind of measures and the law the government introduces. Money laundering was in existence even before the rise of crypto currencies, therefore, blaming crypto currencies for money laundering is a biased idea.

Seriously, if we are to think this way, then the government would also have to banfiat Currencies as they are so being used by money launderers.

 

[Ralphjoe]

Doing or ensuring all wallet holders do a KYC wouldn't stop registered businesses from scamming or laundering people because there'll be certain privileges they'll have. What I feel should be done is to limit the amount of crypto one can hold at a particular time. Anything more, the account will be locked and then inquiries should start

In as much as I agree with you that insuring all wallet holders do a kyc wooden stop registered businesses from scamming on laundry people but I will say that it will go a long way in reducing the incidences of scam that is related with cryptocurrency.

 

[Thinker009]

It's really hard to just prevent money laundering through crypto currency considering the fact that there are so many annonymity attached to crypto currency , and i think what government are doing now is implementing regulation and others

 

[Chibson]

Cryptocurrency is highly decentralized, and I don't think it's possible to trace any transaction. True I think it will definitely be very difficult for the money laundering agencies.

 

[Alexandoy]

The money laundering that I know are the earnings of criminals from their crimes. One example is the drug trade that the drug dealer had earned millions. He cannot just deposit it in the bank because he will be required proof of the source. The drug dealer would deposit the money in short term investment and then withdraw the same to have a proof of source.

 

[Stylex]

Write your reply... Can anti money laundering effectively stops crime labeling crypto currency I don't believe that item the work of the antimoney laundering will be effective in tracing people that's crypto currency to laundering money

 

[Filicit]

There would be only so much anti laundering can do since no one has any total control over bitcoin, except by tracing the transaction from the ledger system

 

[Solutionav]

There Are 2 Categories Of Money Launderers For Both Cryptocurrencies & Paper Currency

• Individual Money Laundering
• Business Money Laundering

Individual Money Laundering Usually Targets "Easy Money" Or Tax Evasion - Quite Frequently The Money Laundering Scheme Gets Flagged Due To A Lack Of "Structuring"

A Fraud Analysis Of Finances Will Yield Discrepancies Between Assets & Liabilities & Raise Questions About Imbalances Of Tax Receipts

However It Is The "Business Money Laundering" That Frequently Defeats Anti-Money-Laundering & Crime-Financing Investigations

Looking the way the world is today, the world is getting advance and technology is taking over everything so hacker are of high increase everyday I think what one need to do is to protect your wallet through kyc

 

[btaliat]

For the fact that there is anonymous and even there is untraceable feature of coins in cryptocurrency, there may be difficulty in fighting money laundering

 

[Oliver4smile]

There is something certain, money laundering cannot end, at least not for now because the people in high official places do not want it to stop and so they will always use the power in their capacity to make sure money laundering doesn't stoo

 

[Justin]

Money laundering cannot be stopped in crypto currency. Everything happens virtually, with out leaving any trail, so those who are money laundering with crypto will never be caught.

 

[Kubiat-Abasi]

The plan by anti-money laundering will not effectively stop crime leveraging on crypto currency. This is not feasible. Crypto currency is not easily traceable because it is decentralized, this is the same reason most government authorities want crypto currency to be centralized!

 

[Stnicholaz]

One of the reasons why many countries of the world are going against the invention of cryptocurrency is their inability to trace and monitor it. This may somewhat encourage money laundering.

That's the major reason, they can't trace or regulate it and many are using for money laundering. Even kidnappers are using it as means of receiving ransom.

 

[tyrim88]

This has been the reason why some government have been conservative about giving a full approval for cryptocurency to be in opperation in their country.Once a ledger showing a transaction has been carried out,identifying the source is very difficult.

 

[Trexxxy]

Money laundering is a crime and it has been in existent for year's now, I think the advent of cryptocurrencies, it makes things easier in terms of keeping or stealing stolen funds.

 

[Ub40]

I want to commend you for this wonderful and educating information on money laundering. But I just like what someone said above and i will like to repeat it. That People will always find loopholes, no matter what kind of measures and the law the government introduces. Money laundering was in existence even before the rise of crypto currencies. I rest my case.

 

[Dagm1]

Most cryptocurrency exchanges have implemented KYC in recent years in order to avoid and comply with anti-money laundering legislation. Without it, you won't be able to conduct virtual business with some of them.

 

[Seno inyang]

The "know your customer'' form of security should be embraced to curtail this immoral act. There is also the 'two factor authentication' method which is safe when it comes to securing your account from money launders. These methods should therefore be considered.

 

[eLdavis]

The tremendous growth of hackers should make all crypto users to always try to secure better their personal details. They should do two factor authentication in order to secure their information.

Do all wallets have an option for two factor authentication? One just has to be really careful, even with a two factor verification, it is still possible for hackers to have access to your wallet.