New SWIFT report indicates that Fiat money is more likely to be used in a money-laundering scam than BTC

• SWIFT, otherwise known as Society for Worldwide Interbank Financial Telecommunication recently released research which revealed that cryptocurrencies are not used as much in money-laundering as many people would believe. 

• It is Fiat, traditional money that is used to facilitate more delicious activities than the world of crypto could even imagine.

SWIFT, otherwise known as Society for Worldwide Interbank Financial Telecommunication recently released research which revealed that cryptocurrencies are not used as much in money-laundering as many people would believe. It is Fiat, traditional money that is used to facilitate more delicious activities than the world of crypto could even imagine.

Over the past few years, or since bitcoin has been created, claims have been rife throughout the world that crypto is used for malicious activities primarily. Whereas money laundering is a criminal activity that’s become a big problem all around the world, it hasn’t started with cryptocurrency. 

Using traditional currencies such as the US dollar, more than $2 trillion is laundered on an annual basis according to a United Nations report. It’s worth highlighting that crypto doesn’t play a big role when it comes to money laundering. The report from SWIFT highlights:

“Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods.”

It’s worth noting as well that the report highlights traditional methods such as front businesses and money mules are used as magnets for money laundering. On the other hand though, cryptocurrencies aren’t used in big numbers when it comes to this kind of crime on a global scale.

That isn’t to say that crypto is innocent though. There are many groups around the world that are dedicated to using cryptocurrency for malicious activities. This includes the Lazarus group who is a North Korean based outfit that uses cryptocurrency for their malicious deeds.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!