At the same time as a result of sloppy execution some of these banks are guilty themselves of
facilitating drug money laundering activities and as a result have paid billion dollar settlement fines.
Canadian and international banks take the position that they won't board bitcoin clients because of concerns that bitcoin entities could be used to
facilitate drug money laundering activities.
Not exact matches
The liberalisation of the movement of capital since 1974 has greatly
facilitated the recycling of «dirty
money» - from the sale of
drugs and arms through to that generated by white collar criminality - in legalised tax havens and, thanks to banking secrecy, through the financial and industrial organisations otherwise respected in countries «of excellence» reputed for their professionalism and democratic institutions.
So things like
drug sales - and there is growing evidence towards these cryptocurrencies
facilitating money laundering.
The obligatory reporting of transactions suspected to be part of
money laundering and
drug trafficking was also made part of the legislation in an effort to crack down on use of cryptocurrency as a medium to
facilitate illegal financial activities.