A from the joint analysis team of and Ellicit, a bitcoin forensics company, indicates that less than one percent of all bitcoin transactions involve .
The report, written to help , has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
AML processes must improve
The report suggests that the best way to combat such illicit activity is through more stringent anti-money laundering (AML) measures. The report states that the only way to manage the illicit transaction is for “Financial authorities in all jurisdictions [to] increase AML enforcement.”
Published at Sun, 21 Jan 2018 07:12:54 +0000
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