SWIFT assesses the popularity of money laundering through cryptocurrencies

Researchers of the international interbank system SWIFT called the volume of money laundering through cryptocurrencies “relatively small”. In their report, they note that the role of digital assets in illegal activities is often exaggerated, since fiat funds are still the most popular in this area.

In particular, analysts write that up to $ 2 trillion is laundered annually through fiat, received mainly through extortion after organized hacker attacks. According to SWIFT specialists, the security systems of companies are constantly being modernized, and control is improving, so it is possible that fraudsters will gradually redirect their attention to digital assets. At the same time, timely awareness of new methods of laundering money, for example, related to cryptocurrencies, will be the key to minimizing threats and obtaining benefits through cyber robberies.

SWIFT analysts also believe that the digital market may be of interest to fraudsters also because there are quite a large number of private assets among the currencies on it. In addition, it is known that there are “black markets” that allow, bypassing regulatory procedures, to purchase almost any goods for digital money, from real estate to drugs.