Cryptocurrencies could yet bolster the fight against money laundering, but with online gambling sites caught up in a massive crypto scam just weeks ago, unregulated digital currency exchanges and tech-savvy scammers still pose a great risk.
“There is no better way to launder money than through crypto,” said Felix Shipkevich, a lawyer and Hofstra University special professor.
The risks that cryptocurrencies present to anti-money laundering (AML) were keenly demonstrated as recently as last month, when more than 100 high-profile Twitter accounts were compromised as part of a Bitcoin scam, with some of the stolen funds routed through gambling sites in an attempt to obscure their origin.
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