The recent bust of a $6 billion Costa Rica-based money laundering operation by the United States government represents a sea change in the fight against money laundering – now made even more complicated with the rising use of digital currency to clean money obtained through illegal activities.
A new white paper by the Fraud Prevention and Investigation unit of Thomson Reuters, Technology in the Fight Against Money Laundering in the New Digital Currency Age, offers insights on how criminal and terrorist organizations have turned to digital currency to reap profits from drug trafficking, prostitution and more, and the challenge of detecting, investigating and apprehending these criminals.
“Money laundering has been around for decades,” said Andy Russell, vice president, Fraud Prevention and Investigations, Thomson Reuters. “What’s new is the growing role of digital currencies that allow criminal elements to move funds anonymously. This white paper highlights how digital currency is transforming the fight on money laundering and how companies and law enforcement are stepping up to the plate with sophisticated technology to identify patterns of money laundering.”
Thomson Reuters press release: click here
Link to the report (free download): click here