Cryptocurrency and Money Laundering

Abstract

n recent years, the cryptocurrency market has become attractive to launder dirty money. Many factors entice criminals to the cryptocurrency market, including cross-border and challenging to control, the lack of a unified global system to reduce its risks, high privacy, and the possibility of anonymity. Thus, criminal organizations benefit from cryptocurrency to fund their subversive activities such as terrorist financing, drugs, and weapons. Moreover, it has been observed that some countries evade international economic sanctions and finance their subversive activities through cryptocurrencies. Therefore, there must be a coordinated global system to counter the threat of financing criminal activities through cryptocurrencies.