Money laundry seems to be very very trending game for the politicians and some criminals just to embezzle and accumulate more money through cunning and illegal means just as you've stated. I personally don't know why we have people delving into such dirty game just to make money. The astonishing part of it all is that there are great influencers and celebrities also engaging in such insecure activities just to make more money.
I'm actually hearing about crypto laundry for the first time though the use of cryptocurrency. This is something really bad and dangerous in the crypto space.
method of laundering money from cryptocurrencies is using "mixers" services, which take virtual currencies from different clients and deposit them in a "pool", moving them from one point to another to confuse their origin.
But there are times whereby some legit investors or traders also convert other cryptos to BTC... Should we say they are engaging in crypto laundry too? I need your view on this.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead ❤️💕❤️💕❤️
We must remember that when we talk about "Bleaching" or money laundering, we are referring to money from illegal sources.
When we exchange crypto, we do so freely and it does not represent any illicit. As long as the provenance is legitimate.
Since cryptography offers many advantages in terms of anonymity which is exploited by criminals, international organizations have been created such as the cybersecurity startup Chainalysis, dedicated to the use of blockchains such as Bitcoin to prevent human trafficking or child abuse, to just like the Internet Watch Foundation (IWF).
But detected or "tracked" cases represent a minimal percentage of total illegal operations.
In the case of Venezuela, for me it is quite worrying that the government is trying to implement a government cryptocurrency, since the allegations of corruption and drug trafficking that weigh on the main characters of the national administration suggest that they could incur money laundering.