“BLOCK-CHAIN”, INTERNATIONAL MONEY LAUNDERING: 3 MLN froze with offshore account, as well as in cryptocurrency | The latest news from Abruzzo

PESCARA – Block-chain: The new investigation of the Guardia di Finanza in Pescara evokes the world of cryptocurrency that, after investigating the criminal association that was defeated a few months ago by a major international fraud of luxury cars on the European market, identified in Lithuania, apparently, an account neighbor ; In essence, a kind of “laundry” of illegal rentals.

As noted in a note, here, in fact, in the multi-currency circles of the far south of the Baltic republics, millions of euros are running out, the illicit profits of a venerable tax evasion chain that operated continuously, from 2015 until 2020, committing a transnational fraud in The European market, with a commercial value of non-existent transaction invoices for the purchase and sale of large cars, is estimated at 53.5 million euros.

This is how the international criminal association investigated the crimes of gross fraud against the state, money laundering, money laundering and fraudulent transfer of values, over the years, and has amassed great spoils, destroyed so far, after the Pescara Review Court rejected all appeals, confirming the confiscation of villas and luxury cars and precious watches, paintings, credit cards and financial resources of more than 6 million euros.

Of these, half ended up in a Lithuanian checking account used to trade bitcoin, which has now been frozen by Viam Gial of the Adriatic capital who was working in coordination with the local prosecutor’s office and thanks to the cooperation of foreign guarantee bodies through Eurojust, the Judicial Cooperation Unit of the Federation European.

Moreover, the virtual abyss of cryptocurrency is now known to offer an alternative aspect to laundered trading, which is often practiced alongside more traditional tools to launder illicit profits internationally.

Indeed, virtual money in itself bears typical characteristics of both cash and digital currency; Ensures anonymity, low-risk portability, transferability as in the former, immediacy and lower transaction costs like the latter.

They are not traded on the web through the intermediation of a central body, such as government banks in general.

This is because cryptocurrency is the spearhead of so-called decentralized taxation, where transactions take place peer-to-peer, between equals, between connected users, the same people who validate a virtual money transfer request based on the fees paid (yes you pay more, higher priority will be given to process the transfer), and only after verifying that the wallet from which the virtual money originates is unable.

But why does the crypto world become an excuse to recycle? The answer is that international criminal organizations are the main attraction of the virtual money market: anonymity.

Indeed, if it is true that real Bitcoin followers speak more appropriately of pseudo-anonymization, because each transaction, when confirmed, becomes a block of chain, i.e. recorded in some kind of ledger online and in the public domain, then it is also true that the account owner It does not have a name and surname, but it is very difficult to encode an address, a mathematical algorithm.

So, yes, the subject, that is, the transaction, can be traced back, but the subject, that is, the agent, is not at all. In fact, it may not exist (in Acrobat’s case) or be connected to a geographic area other than the real one, perhaps by countries that are not at all cooperative in exchanging tax information, or even mask the IP address with the TOR network. (The Onion Router), the key to accessing the deep web. Therefore, if you launder money whenever you want to impede the ascertainment of the source of illicit profits, then transactions in cryptocurrencies, anonymous, borderless and uncontrolled, present an additional opportunity, compared to traditional methods, to hide the true nature of money. Dirty and cybercrime in general.

But this is not enough. Virtual currencies can create a link between money laundering and fraud. Like? With chain contamination. With dirty real currency, I can pollute the virtual paths, and also by paying bitcoins at physical ATMs, thus getting equally dirty cryptocurrencies, which I can then inflate and finally clean up. This is due to the fact that its high volatility, today, is no longer a disincentive to wash trade, on the contrary; It’s an opportunity to create speculative bubbles that have one outcome: escape with loot.

The “rug-pulling” fraud is a symbol in this sense. Those who have enough resources or thousands of fake accounts can buy or pretend to buy large amounts of cryptocurrency, increase their prices and attract additional investors to drain more liquidity, and then run away with money. And cashing out isn’t a problem either: existing cryptocurrencies have doubled.

You can navigate through their channels until you reach the most convenient way out, that is, those countries where the exchanges are subject to anti-money laundering obligations, which reinject the cleaned bitcoins into the legal economy, changing them into real currency.

Results? Serious harm to free competition: in the market there are operators who, through cryptocurrency fraud, are able to finance themselves without resorting to loans, which allows them to be highly competitive, as they can provide goods and services at lower costs than those averages are practiced, just as frauds did The ring run by the international criminal gang discovered by Viam Gial of Pescara.

In the meantime, something seems to be moving on the horizon. From May 18, the registry of cryptocurrency operators will be available at the Agents and Brokers Authority. A concrete step forward in regulating the virtual financial phenomenon at the moment and in expanding crypto assets to anti-money laundering legislation already insisting on FIAT coins.

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