SWIFT Says Criminals Prefer Cash for Money Laundering, Not Cryptocurrency | News Bitcoin News

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A new report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) says cryptocurrency is seldom used for money laundering activities compared to fiat or other traditional methods.Despite the perception that crypto assets are a preferred haven for illegally acquired funds, criminals prefer to launder proceeds through mules, front companies, or cash businesses as well as investing it into crime, it said.“Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods,” SWIFT noted, in a report titled “Follow The Money”, published last week.Money laundering remains a huge problem for economies throughout the world. According to the UN’s Office on Drugs and Crime, around $800 billion to $2 trillion, or the equivalent of between 2% to 5% of global GDP, is laundered through cash channels each year. But crypto does not feature prominently.The money laundering report, compiled in collaboration with financial research firm Bae Systems, looks at how criminals spin money through the financial system to obscure its fraudulent origins and ownership before reintroducing it back into the legitimate economy.SWIFT, an interbank messaging firm, said while virtual currency accounts for fewer cases, some of these are high-profile. In one of …

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