The recent takedown of a $6 billion Costa Rica-based money laundering operation by the U.S. government represents a sea change in the fight against money laundering – now even more complicated by the rising use of digital currency to clean money obtained through illegal activities.
A new white paper by Thomson Reuters Fraud Prevention and Investigationunit, 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, as well as the challenge of detecting, investigating and apprehending these criminals.
The complimentary 30-page white paper, which includes perspectives from an executive-level compliance officer at a regional bank, an enforcement analyst from the National White Collar Crime Center and a member of our strategic analysts’ team, is available for download.
"Money laundering has been around for decades," said Andy Russel, vice president of our Fraud Prevention and Investigations. "What's new is the growing role of digital currencies that allow criminal elements to move funds through legal and underground financial institutions 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 meet the challenge with sophisticated technology to identify patterns of money laundering."