In “Cash In” (18 February 2021, Money Laundering Bulletin), Gabriel Hidalgo discusses the role cash and cryptocurrency each play in global money laundering and terrorist financing.
According to Gabe, many economies around the globe are still cash intensive, which means that activities related to AML/CFT will still be cash guided for the foreseeable future. Further, while there is an argument that cryptocurrencies are more dangerous than cash, there is a counter argument: cryptocurrencies come with an auditable trail whenever a transaction takes place, recorded on to the blockchain. As a result, crypto gatekeepers will be very important in AML controls when launderers attempt to convert those illicit proceeds to fiat currency to turn them to cash.
Read the full article in Money Laundering Bulletin (subscription may be required).