A Long Time In Finance The Great Online Money Laundry
Jun 14, 2024
Geoff White, an investigative journalist and author renowned for his work on online crime, dives into the grim realities of digital money laundering. He reveals how crime has shifted from traditional burglary to sophisticated online schemes, driven by technology and cryptocurrency. The conversation uncovers the dark side of digital finance, exploring how criminals exploit online marketplaces and the challenges facing law enforcement. White also discusses the alarming intersection of money laundering with heinous crimes, revealing the urgent need for better oversight in the digital age.
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Crime's Shift to Digital World
- Crime has shifted from physical to digital, with burglary down by 90% in England and Wales since the 1990s.
- Cryptocurrency replaces cash in criminal transactions, easing logistics but increasing traceability challenges.
Digital Money Laundering Challenges
- Digital crime money requires movement, hiding, and extraction similar to cash but with added traceability.
- Technology helps launderers mix funds to evade law enforcement tracking and seizure.
Blockchain Traceability Limits Criminals
- All Bitcoin transactions are recorded publicly on the blockchain but wallet owners can be anonymous.
- Law enforcement uses blockchain transparency to track stolen cryptocurrency and freeze criminal assets.
