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Can anti-money laundering effectively stop crime leveraging cryptocurrency

Anty money laundering Can never stop crime leveraging crypto currencies because crypto currencies are not controlled by world's government instead it is controlled by a decentralised method.
 
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.
 
They can only try to some extent but there is no way they are going to curb cryptocurrency trading. I got to realise this when I want to trade peer-to-peer on binance. A friend told me that there are some CBN agency working as a seller on the platform.
 
Even if the anti money laundering wanted to stop money laundering and corruption affiliated to it, they couldn't because crypto scheme that may be used to curb this is banned.
 
Without effective kyc measures put in place, the government would find it practically impossible to churn out this menance of money laundering as it's going to continue for long.
 
The people or institutions involved in money laundering activities Leveraged on the the features of the cryptocurrency as a faceless commodity to carry out their illegal activities. This is the reason why exchanges are adopting KYCs.
 
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
one thing about the business of cryptocuency trading is that it would be very difficult to track how money flows in cryptocurency,because it is highlly decentralised in its operations,and the senders as well as the receivers cannot be traced and that is one of the isadvantage in the market.
 
Since the crypto currency operates a decentralized protocol which means it has no known CEO or financial institution that runs it because of its nature it would be quite difficult to track than any crime that involves the crypto currency which includes money laundering using the crypto currency exchange.
 
Anything that deals with cryptocurrency is completely encrypted and decentralized, in this case there is no how information in concerning transaction can tracked or recorded.
 
Sometimes we are always too careless about our security. This is one of the things that leads to higher rate of hacking and stealing of crypto funds. On every platform you are using for storage of crypto or any valuable asset two factors verification must be unable.
 
Sincerely speaking cryptocurrencies would make it much easier for people with dubious characters to launder money because it is seamless and does not involve much parties so it is much easier to launder the money than going through the conventional banking system.
 

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