International Money Laundering, Over 3 Million Euros Seized in Lithuania Cryptocurrency Trading Account

The financial police in Pescara discovered and confiscated more than 3 million euros in an account in Lithuania that was enabled for trading in cryptocurrency.
It is clear that Viam Giali, after investigating the criminal association that was defeated a few months ago by the maximum international fraud of luxury cars in the European market, has identified a current account in Lithuania.

Basically, a kind of “laundry” of illegal rentals.

Here, in fact, in the multi-currency circles of the far south of the Baltic republics, millions of euros end up, illicit profits of a venerable tax evasion chain that worked constantly, from 2015 to 2020, in the commission of a transnational fraud on the European market, commercial value of invoices for non-transactional transactions Existing for the purchase and sale of cars with large engines 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, which over the years had accumulated great spoils, destroyed until now, after the Pescara Review Court rejected all appeals submitted, confirming the confiscation of villas, luxury cars, valuable watches and 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,” they told the financial police, “the virtual abyss of cryptocurrency is now known to offer an alternative aspect to laundered trading, often practiced alongside traditional tools to launder illicit profits internationally. The very characteristics typical of both cash and digital currency; ensures anonymity, low-risk portability, transferability as in the former, immediacy and lower transaction costs like the latter.It is 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 lies in the fact that the third-party criminal organizations State is 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, i.e. the transaction, can be traced back, but the subject, i.e. 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.”

Fiamme Gialle then explained: “Therefore, if you launder money whenever you want to block verification of the source of illegal profits, then transactions in cryptocurrencies, anonymous, borderless and uncontrolled, present an additional opportunity, compared to traditional methods, to disguise the true nature of dirty money and crime Electronic in general. But this is not enough. Virtual currencies can create a link between money laundering and fraud. Like? With chain pollution. Using dirty real currency, I can pollute virtual paths, also by paying bitcoin to physical ATMs, thus obtaining On equally filthy cryptocurrencies, which I can then inflate and finally clean up.This is due to the fact that their high volatility, today, is no longer a disincentive to trade laundering, on the contrary; it is an opportunity to create speculative bubbles that have one result: fleeing with plunder. Fraud “pull the rug” a symbol in this sense. Those with enough resources or thousands of fake accounts can buy or pretend to buy large amounts of cryptocurrency, increase their prices and attract additional investors yen to drain more cash, then escape 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 present time and in expanding crypto assets to anti-money laundering legislation that already insists on fiat currencies.”

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