Study: drug dealers are increasingly using cryptomats to launder money – Bits Media

According to the new report of the Strategic Intelligence Department of the US Drug Control Department, As previously reported by the Strategic Intelligence Division of the US Drug Enforcement Administration.

Analysts of the department note, that in connection with the pandemia of coronavirus volumes cross -border transportation has significantly decreased, including between the USA and Mexico. This led to the accumulation of large amounts of cash among drug dealers in the United States.

Cryptomats have become one of the ways to send money to international suppliers of drugs across the border without the need for physical transportation. Although statistics are not given, The report emphasizes, that cases of "laundering of money using virtual currencies and cryptomats" have become more frequent.

"Drug trading and persons, engaged in laundering money, increasingly use virtual currency in their activities, The end, how the use of these currencies is becoming increasingly widespread. There were cases, when wholesale deliveries were paid by virtual currencies instead of cash, and such funds were used in the full loop of money laundering ", - noted in the study.

Although cryptomats must obey the same requirements for the fight against money laundering, that ordinary banks and payment companies, "Unscrupulous owners" can allow drug dealers to contribute significant amounts of cash and hide the origin of funds.

“Virtual currencies, coupled with already created money laundering schemes, allow you to carry out even more complex schemes for laundering money”, - conclude analysts on the US Drug Control Department.

Earlier, US Minister Junet Yellen spoke about the problems of using cryptocurrencies for illegal purposes (Janet Yellen).