The number of incidents involving the use of cryptocurrency in supporting terrorism and money laundering offences is increasing on a global scale. The value of crypto transactions engaged in these crimes is surpassed many times over by the value of fiat traded in these types of crimes. The use of cryptocurrency in illegal operations is so limited that Europol admitted it in a report issued on Wednesday. The purpose of the report was to draw attention to the use of digital assets in criminal activity.
According to the survey, networks that use cryptocurrency for worldwide crimes are expanding, and some are even selling it as a service to other criminals.
According to UN data, money laundering is a booming global business that currently accounts for 2-5 percent of global GDP, or $800 billion to $2 trillion yearly. An additional $1.6 to 2.2 trillion is spent annually to facilitate illegal activities and international crime. Human trafficking is becoming a $150 billion – dollar business. The majority of this is made possible by fiat money. Unfortunately, despite strong anti-money laundering and anti-crime measures, more than 80 percent of this fiat money slips through regulated banks and financial institutions because of corruption, governmental participation, and other tolerances.
