Here’s how criminals use Bitcoin to launder dirty money

Anti Money Laundering Bitcoin

AML BitCoin is a new crypto-currency, designed to comply with international 'anti money laundering' rules and regulations
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Danish 33-year-old sentenced to four years in jail for laundering money with bitcoin

Danish 33-year-old sentenced to four years in jail for laundering money with bitcoin submitted by Btotherest to CryptoCurrency [link] [comments]

Danish 33-year-old sentenced to four years in jail for laundering money with bitcoin

Danish 33-year-old sentenced to four years in jail for laundering money with bitcoin submitted by scgco to GGCrypto [link] [comments]

A British In Amsterdam Accused Of Laundering Money With Bitcoin

A British In Amsterdam Accused Of Laundering Money With Bitcoin submitted by linzerdshaffen to Bitcoin [link] [comments]

Isn't it possible to launder money with bitcoin?

I know government(s) try to prevent money laundering and ban stuff. I also know many here claim that government cant really all ban bitcoin and that it doesnt matter much. But that isnt really my concern.
Is it possible to launder money with bitcoin? Theoretically.
submitted by Anon0370 to Bitcoin [link] [comments]

A British In Amsterdam Accused Of Laundering Money With Bitcoin

A British In Amsterdam Accused Of Laundering Money With Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

A British In Amsterdam Accused Of Laundering Money With Bitcoin

A British In Amsterdam Accused Of Laundering Money With Bitcoin submitted by linzerdshaffen to BTCNN [link] [comments]

Isn't it possible to launder money with bitcoin? /r/Bitcoin

Isn't it possible to launder money with bitcoin? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

[uncensored-r/Bitcoin] Isn't it possible to launder money with bitcoin?

The following post by Anon0370 is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7fkzjp
The original post's content was as follows:
I know government(s) try to prevent money laundering and ban stuff. I also know many here claim that government cant really all ban bitcoin and that it doesnt matter much. But that isnt really my concern.
Is it possible to launder money with bitcoin? Theoretically.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

New York Man Charged In $100 Million Bitcoin Case

A New York City man has been charged with hacking, trafficking in stolen credit card data, and laundering money with bitcoin, highlighting the cryptocurrency's enduring appeal to cyber criminals.
Vitalii Antonenko, 28, was arrested and detained on money laundering charges on arrival at New York’s JFK airport from Ukraine in March last year after undercover agents linked him to two bitcoin wallets used in transactions totaling $94 million, according to a Law360 report.
On Wednesday this week, the U.S. attorney's office in Boston handed down the indictment that could see Antonenko jailed for 20 years and fined up to $500,000.
According to the indictment, Antonenko, along with a number of co-conspirators, scoured the internet for vulnerable computer networks that were likely to contain credit and debit card details.
The hackers then sold the stolen information on so-called darknet markets that are used to traffic all manner of illegal drugs, firearms, and data.
It's thought bitcoin as well as bank and cash transactions was used to launder the proceeds, with over $140,000 from the pair of bitcoin wallets found to have been funneled to wallets controlled by Antonenko.
Last year, Antonenko's lawyers took the rare step of requesting a psychiatric evaluation of their client after they said he had trouble communicating and suggested he is secretly working for the CIA.
The charges against Antonenko come as the bitcoin and cryptocurrency community struggles to overcome historic links with illegal and illicit transactions.
Bitcoin's semi-anonymous nature, which has led it to be referred to as "internet cash," makes it attractive for those wishing to avoid government scrutiny and law enforcement.
However, computer scientists have developed forensic and sophisticated techniques that often allow bitcoin and cryptocurrency users to be identified.
In January, criminal activity using bitcoin hit an all-time high, according to research from cryptocurrency and blockchain analysis firm Chainalysis.
submitted by PresentType to infsomorebitcoinmixer [link] [comments]

Bitcoin has a "laundering" money system built right in. Move stolen Bitcoins by putting them in very high fee'd transactions. A miner collects fees as virgin coinbase and shares it with bad guys.

You don't realize it if you don't see it, but really bitcoin fees are burned and miners mint that exact same amount as coinbase.
Fees go in having come from a long list of transaction history, and come out as virgin coinbase bitcoins with zero history.
submitted by whyison to btc [link] [comments]

What is Bitcoin and Concept of Money Laundering through Bitcoin with a Practical Example.

This video explains what is bitcoin is a simple way possible and also, how is money laundering is being done through bitcoin. I hope you will find this useful.
https://youtu.be/eAjNZ0z-GJc
submitted by forcams123 to moneylaundering [link] [comments]

Anti-Money Laundering Bitcoin Project Founder was charged with Money Laundering

Anti-Money Laundering Bitcoin Project Founder was charged with Money Laundering submitted by arijitdas to Crypto_Currency_News [link] [comments]

AML Bitcoin team charged with money laundering

AML Bitcoin team charged with money laundering submitted by thacypha to bitcoinsv [link] [comments]

Anti-Money Laundering Bitcoin Project Founder was charged with Money Laundering

submitted by arijitdas to Crypto_General [link] [comments]

Washington Lobbyist Charged with Money Laundering In $5.6 Million AML BitCoin Project

Washington Lobbyist Charged with Money Laundering In $5.6 Million AML BitCoin Project submitted by bitcoinexchangeguide to BitcoinExchangeGuide [link] [comments]

What the ACTUAL CHINESE NOTICE (not summary) says: This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.

People keep analysing the press release summary not the notice and the press release summary is inaccurate.
What the actual Chinese notice (not press release summary written by someone else) says in an ACCURATE SUMMARY IS:
This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.
see here:
This is the actual translated Chinese notice.
begin quote
" People's Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission
Notice on preventing Bitcoin risk
Recently, a so-called Bitcoin calculated using certain computer programs gained widespread worldwide attention, there are also organizations and persons in China taking this opportunity to promote Bitcoin and related products. In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, according to the People's Bank Act, the Anti-Money Laundering Act, the Commercial Bank Act, Telecommunications Regulations etc, the following notice is made:
1 Correct knowledge of Bitcoin
Bitcoin has four main characteristics: no central issuer, limited quantity, no geographical limits and anonymity. Although it is called currency, it is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market.
(OP reviews: so 1. It doesnt have LEGAL status as an official currency issued by the state becuase it is not and so it shouldn't be CALLED a currency. you can however trade and exchange things for it without restirction as long as you aren't laundering money. That's like saying you can't call a Bitcoin a USD dollar because it isn't. THe government doesn't back it. None the less it is compleletely legal to buy sell or hold or exchang ethings for it. You can exchange stuff for it. it is legal to do that and buy and sell it and hold it. just like you can trade a can of beans for an ounce of gold. you just CAN'T SAY ITS OFFICIAL CHINESE CURRENCY BECAUSE IT ISNT. THAT 'S ALL)
2 Financial institutions and payment institutions must not start Bitcoin related business
At this stage, all financial institutions and payment institutions(only emphasis added - othe rbusinesses can do as they like) must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
(OP reviews: so in other words banks stay out of bitcoin and don't manipulate it and play any of your corner the market games with it or charge customers fees for it.)
3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.
(OP reviews: register your websites - about as minimal a requirement as they could have given)
4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.
(OP reviews: don't launder money with Bitcoin. track people and report those who look suspiciously like they ARE laundering money with btcoin. everyone else - you are ok to do as you like with Bitcoin- its official- bitcoin is fully legal.)
5 Strengthening public education on money knowledge and investment risk
Departments, financial organizations and payment organizations should in their daily tasks teach the public the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing.
(OP reviews: educate people so they aren't deceived. duh)
Financial monitoring authorities can set implementation details according to this notice
Would the People's Bank branches please distribute this Notice to financial organizations and payment organizations in their area. Any new situations or questions arising from this notice please report promptly to the People's Bank." " END QUOTE
This comes from the link below and is ONLY THE BOTTOM PART. NOT THE TOP PART WHICH IS SOMEONE ELSES PRES RELEASE SUMMARY AND WRONG.
http://www.reddit.com/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
edit:
additional confirmation of my interpretation from
http://www.scmp.com/business/banking-finance/article/1374052/surge-use-bitcoin-leads-ban-china-trading
"However, the central bank said the public was free to take part in internet transactions provided they take on the risk themselves. Internet companies serving as trading platforms should ask clients to register with information including their name and identity card number, it said.
Bitcoin exchanges may be forced to inform authorities about sizeable or suspicious transactions, Bloomberg reported, citing unnamed sources."
also
"The People's Bank of China (PBOC) said no financial institutions, payment agencies or insurers should price products and services in bitcoin, nor are they allowed to trade or provide bitcoin exchange or settlement services. "
submitted by georedd to Bitcoin [link] [comments]

Bothell man charged with money laundering using bitcoin

Bothell man charged with money laundering using bitcoin submitted by JustTheRealNews to JustTheRealNews [link] [comments]

Bothell man charged with money laundering using bitcoin

Bothell man charged with money laundering using bitcoin submitted by HotMomentumStocks to Bitcoin [link] [comments]

How is Bitcoin good for laundering if transactions using blockchain are traceable?

I may have a fundamental misunderstanding of blockchain technology and crypto currency. My understanding is that crypto currency is traded/transferred using blockchain technology. I thought what makes blockchain special is that all transactions are traceable and secure. If that is the case, how do people launder money with Bitcoin?
submitted by jeffreyworkreddit to Bitcoin [link] [comments]

Eric Schmidt discusses Bitcoin on Squawk Box this morning.

I don't have the clip on hand, but I had CNBC on at the gym this morning. Eric Schmidt was pimping his new book and the topic of digital currencies came up. Disclaimer: The following isn't verbatim- I was on the treadmill watching the show closed captioned.
There's apparently a section in the book that describes how, with the proliferation of digital currencies like Bitcoin (or Big Coin, according to the cc), the barriers to entry for criminality / terrorism are lowered and prevention / apprehension are made extremely difficult. While there may be a glimmer of truth to parts of that statement, I couldn't help but get the feeling that the entire segment was set up as a FUD job. The way the host teed up the topic was really strange: "I read your entire book, but I stopped reading on page 79. I stopped at 79. You mention the topic of virtual currencies.." and then he begins talking about how they could be used for crime. Maybe it's just my imagination, but it sure felt like his biggest takeaway from the book was that digital currencies are dangerous and enable criminals to do terrible things really easily.
Other highlights:
Schmidt seems to be intrigued by Bitcoin. He doesn't endorse it, but isn't totally put off by it either.
At one point Schmidt was asked whether Google would adopt Bitcoin and his answer amounted to "who knows"
You can launder money with Bitcoins :O
EDIT: Video here, thanks Miner_Willy - http://video.cnbc.com/gallery/?video=3000163361&play=1[1]
Watching the segment again, the tee-up didn't play out exactly as I remembered; took a bit longer to get to virtual currencies, but what he actually said was worse in that he goes on this spiel about the Boston bombings as the prelude to talking about virtual currencies..
submitted by Annihilia to Bitcoin [link] [comments]

[World] - France charges bitcoin expert Vinnik with money laundering

[World] - France charges bitcoin expert Vinnik with money laundering submitted by AutoNewsAdmin to ABCauto [link] [comments]

France charges bitcoin expert Vinnik with money laundering

submitted by YourselfYou to YourselfYou [link] [comments]

Bitcoin & Money Laundering: Fact Or Fiction? (Dan Morehead, Joey Krug)  Interview  Real Vision™ Keiser Report: Money Laundering and Bitcoins (E819) What is Bitcoin and Concept of Money Laundering through Bitcoin with a Practical Example. $4 Billion Bitcoin Money Laundering Operation Revealed Involving Alexander Vinnik and BTC-E How To Launder Bitcoin  Silicon Real

“Bitcoin is mainly used for money laundering” In 2018, the Bitcoin network settled over $400 Billion in value. That is 160 times larger than the total amount of Bitcoin laundered to date and shows that money laundering constitutes a negligible fraction of the Bitcoin economy. “Bitcoin laundering cannot be prevented” Bitcoin is easily laundered through unregulated exchanges. Unregulated cryptocurrency exchanges (those without Know-Your-Customer and Anti-Money-Laundering (KYC/AML) procedures, such as identity checks) can also be used to ‘clean’ Bitcoin, even without using a cryptocurrency mixing service beforehand. Schiener said that the easiest way to launder Bitcoin is with a Mixing Service, which works in a similar way to traditional money laundering, and is called a Bitcoin Tumbler. Essentially, a A man from the Orange County has been admitted of laundering up to 25 Million Dollars via a network of the unlicensed Bitcoin ATMs and also in-person exchanges. The accused has been identified to be Kais Mohammad who knew that many of his customers had laundered the proceeds of the crime via his Bitcoin exchange network.. The defendant, aged 36 years belonging from the Orange County of Bitcoin Money Laundering – Final Thoughts. Bitcoin is still a young technology with a relatively small market cap in comparison to traditional currencies. The majority of people, including criminals, earn in fiat currencies like the dollar or euro, first and foremost. The mainstream media may be missing the entire point when it comes to the

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Bitcoin & Money Laundering: Fact Or Fiction? (Dan Morehead, Joey Krug) Interview Real Vision™

Money Laundering 101 💰 How Criminals Use Bitcoin To Hide Illegal Money 🔫💎🗡 - Duration: 16:33. David Hay 63,556 views. 16:33. Sticker shock: Why are glasses so expensive? ... In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the big banks wanting the blockchain without bitcoin, which they claim is associated with money laundering and yet ... Which is that the use case of Bitcoin-- I agree with you, is Bitcoin. It happened to arrive at a time period in which criminal enterprises in Russia and China needed mechanisms for getting money ... $4 Billion 💰 Bitcoin Money Laundering Operation Revealed Involving Alexander Vinnik and BTC-E - Duration: 12:41. The Cryptoverse 12,440 views. 12:41. Jim Rogers ... This video tutorial will explain you the concept of bitcoin and explain to you with a practical example of how money laundering is being done via bitcoin. For more please go through the below ...

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