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Money Laundering in Crypto Is a Growing Problem, Report Says

Press Releases Crypto News BeInCrypto Money Laundering in Crypto Is a Growing Problem, Report Says

Dirty money is pouring into the crypto industry at an alarming rate, according to a new study. More than a quarter (28 percent) of crypto firms have reported a rise in the number of Suspicious Activity Reports over the past six months.

Financial professionals, including solicitors, accountants, and estate agents, use Suspicious Activity Reports (SARs) to alert law enforcement about potential cases of money laundering or terrorist financing. They give law enforcement in the United Kingdom added perspective on economic crime in the private sector. However, they are not the same as a crime or a fraud report. Nor do they constitute an official criminal complaint.

Crypto Is a Top Choice for Dirty Money

The new data come from SmartSearch, which surveyed 500 compliance decision-makers in various sectors. Including crypto platforms, gambling firms, property developers, and banks.

Recent numbers highlight compliance professionals’ ongoing struggle to combat the growing scourge of crypto-related money laundering. BeInCrypto recently reported on a survey revealing that two-thirds of crypto firms have worries about anti-money laundering (AML) violations.

But that’s not the only data point. According to a First AML survey, 53% believe that current practices only partially address the risks of money laundering through cryptocurrencies.

Moreover, 41% have identified cases of money laundering involving cryptocurrencies. Furthermore, 51% have faced fines or penalties for failing to comply with anti-money laundering regulations.

Crypto trading activity must be declared to HMRC in the UK, so learn how to stay compliant:

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Author: Josh Adams

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