Bitcoin – Eyes On Money Laundering By Dutch Authorities

Threats Bitcoin Exchanges

The government in Netherland is trying to make it easy for launching a criminal investigation against the people who utilize the bitcoin for laundering money from the illegal activities as per a Dutch newspaper Financieele Dagblad.

The investigators in the country have found that the criminals are using bitcoin mixers for shielding activities. A BTC mixer can be defined as a grab bag having bitcoins of many owners. Any bitcoin that get paid from it can’t get traced back to the original owner.

Money Laundering and Bitcoins

The investigative arm of the Dutch tax authority FIOD wants that the bitcoins mixers should be called as money laundering. Investigators can take action against a suspect by recognizing this activity as money laundering without any need to demonstrate a reasonable suspicion of a crime.

A different criminal standard

The use of the mixer alone will be enough for launching a case against a trader. A criminal can prosecute for money laundering in an easier way than to conduct a criminal transaction for earning bitcoins. Rolf Van Wegberg from the Knowledge Institute TNO says that there can be legitimate reasons to use a mixer. For example, if you are a foreign journalist in Sri Lanka and getting your pay from a foreign medium, then the mixer will hide the thing that the money is credited from a foreign media company.

The darknet criminal traffickers and parties who exchange bitcoin for euros have been able to get identified by the FIOD.

International Money Laundering

An international investigation of a money laundering gang who uses bitcoins is concerned in the third case. Around 10 men suspected of using bitcoin for laundering up to 20 million euros were arrested by the Dutch prosecutors in January. As per the Dutch report, there are around 50 cryptomarkets and vendor shops who are involved in these types of cases. A crucial position is held by the Netherlands in the European illicit drugs market.

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