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29 September 2020

SWIFT Says Criminals Prefer Cash for Money Laundering, Not Cryptocurrency | News Bitcoin News

SWIFT Says Criminals Prefer Cash for Money Laundering, Not Cryptocurrency | News Bitcoin News


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Despite the perception that crypto assets are a preferred haven for illegally acquired funds, criminals prefer to launder proceeds through mules, front companies, or cash businesses as well as investing it into crime, it said.

The money laundering report, compiled in collaboration with financial research firm Bae Systems, looks at how criminals spin money through the financial system to obscure its fraudulent origins and ownership before reintroducing it back into the legitimate economy.

In one of the featured cases, a cyber-crime group allegedly converted funds stolen through ATM cashouts into crypto.

SWIFT explained that online-thieves might seek to use crypto as a means for obfuscating and laundering the funds stolen during a cyber-heist, before making various purchases in order to integrate the money.

The alleged North Korea-linked Lazarus Group heist, involving the transfer of stolen funds across the crypto ecosystem, as well as the use of Chinese facilitators to cash stolen crypto assets provides insight into one of the methods used.

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