- Jun 15, 2018
Criminal syndicates in Latin America are using crypto assets to launder funds, according to by criminal syndicates in Latin America, according to the Reuters report. Latin cartels would typically deposit their ill-gotten gains into various bank accounts as sums of less than $7,500 — amount that would prompt banks to flag a transaction. The funds are then used to make a myriad of small quantities of BTC, which can then be transferred without much friction across borders. Rolando Rosas, the head of the Mexican attorney general’s office’s Cyber Investigations Unit, told that law enforcement lacks the resources needed to tackle crypto-fueled money laundering. Crypto-related scams have also increased this year amid the ongoing global pandemic. A 2018 law requires that registered crypto trading platforms have to report transfers exceeding 56,000 Mexican pesos (approximately $2,800). Local authorities hope this can assist them in responding to organized crime’s use of digital assets.
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