Using cryptocurrency “laundered” billions of dollars – Europol

Using cryptocurrency “laundered” billions of dollars – EuropolPhoto: flickr.com/photos/tiendientuvn

In most cases, law enforcement officers can not determine who, where and why takes money, and I cannot pinpoint the offender

13.02.18 66000

4.5 to 5 billion dollars out of a hundred, obtained illegally, laundered using cryptocurrency. About this informed the Director of Europol Rob Wainwright, reports ZN.ua with reference to the BBC.

“They are not in control of the Central government, so the police can’t acclimatizate these transactions. Even if they determine that the transactions are criminal in nature, they can’t freeze assets, in contrast to the traditional banking system,” said Europol Director Rob Wainwright.

It would seem that the named officer, the amount at first glance is small, only 4,5 – 5% of the total amount of illicit funds, but actually the trend of using cryptocurrency in laundering illegally obtained money will continue to grow, confident in Europol.

Wainwright admitted that despite all measures taken, the possibility of service in this direction continued to be significantly limited, because in most cases, the police very hard to determine who prints the money. As a rule, this moment is more than enough attackers.

The hardest things with these crypto-currencies like Monero or zcash for. The algorithms of these cryptocurrencies significantly complicate the task of law enforcement to identify the sender or recipient of the transaction.

  • See ALSO: Banks of Thailand urged to refrain from transactions with cryptocurrencies

Wainwright believes that those who provide services to exchange cryptocurrency for cash, must show responsibility and to cooperate with the police .

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